Korea skyline

Korea Consumer Confidence June 2022

Korea: Consumer confidence records worst reading since January 2021 in June

Consumer confidence came in at 96.4 in June, down from May’s 102.6. June’s result marked the worst performance since January 2021. As a result, the index fell below the 100-threshold, indicating that consumers are now pessimistic.

The decline was due to a deterioration in consumers’ assessments of the current and future state of the Korean economy. Meanwhile, inflation expectations for the year ahead year rose from 3.4% to 3.9%.

ING’s Min Joo Kang commented on the implications of the print for economic activity in Q3:

“We expected the CSI to slip this month, but not to this extent. The decline in confidence now puts downside risk to our GDP forecasts (0.7% q/q sa in 3Q22). The KOSPI has tumbled by more than 9% month-to-date while the KRW has broken through the 1300 level. Also, mortgage/lending rates have risen further. All these factors are probably hurting consumer sentiment.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest