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Uncertainty hits consumer mood
Print Edition
SENTIMENT among Chinese consumers declined slightly for the second month in September after they felt increasingly nervous about personal finance and the housing market, according to a report yesterday.
The Westpac MNI China Consumer Sentiment Index fell by 0.1 percent last month to 113.2 — down 7 percent since January, the Australian bank and the German financial news company Market News International said in a joint report.
The sentiment index hit the lowest level in the third quarter since the last three months of 2011.
The proportion of consumers who chose “future loss of income or employment” as their main motivation for saving rose to the highest level on record, according to Huw McKay, Westpac’s senior international economist.
The consumers’ expectations for lower housing prices fell for the third consecutive month and fewer of them regarded housing as the “wisest place for their savings.”
Their sentiment for business conditions in the next 12 months from September edged up but was still subdued, while expectations for current and future personal financial conditions decreased slightly.
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