Korea Consumer Confidence January 2017

Korea

Korea: Consumer confidence continues to fall in January, reaches lowest level in nearly eight years

January 27, 2016

Korean consumers’ disenchantment with the current political situation in the country persisted at the outset of the year, as shown in the Bank of Korea’s latest Composite Consumer Sentiment Index (CCSI). The indicator fell from 94 in December to 93 in January. This marks the third consecutive month of decline and the lowest level since March 2009. Confidence has moved even further away from 100, which indicates that pessimists outnumber optimists.

The details of the survey showed that consumers were particularly concerned about both their current economic conditions and their future economic situation. Moreover, households disenchantment with the country’s current economic situation continued to grow. Conversely, respondents to the January survey indicated that they are less pessimistic regarding the economy’s future conditions. Consumer confidence related to future household income was unchanged in January relative to the previous month, while sentiment regarding purchases increased.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.1% in 2017, which is unchanged from last month’s forecast. For 2018, the panel also sees private consumption growth at 2.2%.


Author:, Senior Economist

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Korea Consumer Confidence January 2017

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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