Korea Consumer Confidence May 2016


Consumer confidence drops in May after two months of gains

Following two months of gains, sentiment among Korean consumers took a hit in May as households were more concerned regarding the economic outlook of the country and consequently their own financial prospects. The Composite Consumer Sentiment Index (CCSI) published by the Bank of Korea (BoK) fell to 99 points in May from 101 points in April. As a result, the typically-volatile index fell below above the 100-point threshold, which separates optimists from pessimists.

According to the Central Bank, 2,200 households were surveyed between 12 and 19 May and the negative result for May reflected consumers’ more negative opinions of the country’s current and future economic conditions. Moreover, households’ assessment regarding their own financial prospects were notably more negative than in the previous month. Finally, their prospects regarding employment and future purchases deteriorated substantially over the previous month.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.4% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees private consumption growth accelerating to 2.4%.

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Korea Consumer Confidence Chart

Korea Consumer Confidence May 2016

Note: Composite Consumer Sentiment Index (CCSI). An index value above 100 indicates that optimistic respondents outnumber pessimistic respondents.
Source: Bank of Korea (BoK).

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