Korea Consumer Confidence July 2019

Korea

Korea: Consumer confidence continues to decline in July

July 26, 2019

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.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.2% in 2019, which is down 0.1 percentage points from last month’s forecast, and to grow 2.2% again in 2020.


Author:, Economist

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Korea Consumer Confidence July 2019

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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