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Korea Consumer Confidence October 2023

Korea: Consumer confidence falls in October

Consumer confidence came in at 98.1 in October, down from September’s 99.7. October’s result marked the weakest sentiment since May. As a result, the index moved further below the 100-point threshold that separates pessimism from optimism among consumers.

Consumers became more pessimistic about their current and prospective living standards, their prospective household incomes, plus current and prospective economic conditions.

The print bodes poorly for private spending in Q4, which is likely to remain depressed by high interest rates; Korean households have some of the highest average debt burdens in the world.

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