Korea Consumer Confidence July 2021

Korea

Korea: Consumer confidence deteriorates in July

July 28, 2021

Consumer confidence fell to 103.2 in July from June's 110.3. As a result, the index remained above the 100-point threshold, and indicated optimism among consumers.

Looking at the details of the print, households turned pessimistic regarding both current and future economic conditions, which drove the overall drop in confidence over the previous month in July.. Moreover, expectations of future employment also deteriorated, amid a surge in Covid-19 cases from early July. In addition, consumers’ views on future spending, income and living standards worsened.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.9% in 2021, which is up 0.1 percentage points from last month’s projection. Looking at 2022, our panelists see private consumption growing 3.4%.


Author:, Junior Economist

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Korea Consumer Confidence July 2021

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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