Japan: Consumer sentiment hits an almost six-year high in March
April 17, 2013
The seasonally adjusted consumer confidence index continued to gain steam in March, rising to 44.8 points from 44.2 points in February. While the print fell short of the 46.0 points expected by market analysts, consumer sentiment sits now at levels not seen since May 2007. That said, despite the improvement, consumer confidence still remains in pessimistic territory. The consumer confidence index measures consumer expectations over the next six months, with a value of 100 points indicating that all respondents see their living standards improving.
The improvement was mainly due to higher readings in job conditions as well as by consumers' increased willingness to buy durable goods. On the other hand, the overall livelihood and the income growth categories remained stable over the previous month.
FocusEconomics Consensus Forecast panellists anticipate private consumption to increase 0.9% in 2013, which is up 0.3 percentage points from last month's forecast. In 2014, the panel sees private consumption growing 0.6%.