Korea Consumer Confidence November 2020


Korea: Consumer confidence picks up but remains pessimistic in November

November 24, 2020

Consumer confidence came in at 97.9 in November, up notably from October's 91.6. November's result marked the strongest reading since January. As a result, the index moved closer to the 100-point threshold, but still indicated pessimism among consumers.

Looking at the details of the result, the improvement was broad-based, led by consumers’ significantly less pessimistic views on current and future domestic economic conditions. Moreover, household pessimism eased regarding current and future living standards and future household income. Notably, households’ views on their future spending prospects moved into optimistic territory.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 3.2% in 2021, which is unchanged from last month’s projection. Looking at 2022, our panelists see private consumption growing 2.4%.

Author:, Junior Economist

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Korea Consumer Confidence Chart

Korea Consumer Confidence November 20 20 0

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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