Korea Consumer Confidence December 2020

Korea

Korea: Consumer confidence deteriorates in December

December 29, 2020

Consumer confidence came in at 89.8 in December, down from November's 97.9. As a result, the index moved further below the 100-point threshold separating pessimism from optimism among consumers.

The downturn was broad-based, led mainly by households’ grimmer perspective on current and future economic conditions, likely as a consequence of tighter Covid-19 restrictions since November. Accordingly, consumer sentiment also deteriorated regarding both current and future living standards, as well as future income and spending.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 3.1% in 2021, which is down 0.1 percentage points from last month’s projection. Looking at 2022, our panelists see private consumption growing 2.5%.


Author:, Junior Economist

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Korea Consumer Confidence December 20 20 2

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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