Korea: Consumer confidence continues to decline in July
The Bank of Korea’s composite consumer sentiment index dropped to 95.9 in July from 97.5 in June. Accordingly, the index moved further below the 100-point threshold that separates pessimism from optimism among households.
The fall in consumer confidence in July was largely driven by households’ more negative outlook on both current and future domestic economic conditions, while their assessment of the labor market outlook was also grimmer. Moreover, consumers were more downbeat about their future household income and were less optimistic about their future spending. Meanwhile, their outlook on their current and prospective living standards were unchanged from last month.