Korea Consumer Confidence

Korea

Korea: Consumer sentiment falls to eight-month low in May

May 28, 2014

The Consumer Sentiment Index (CSI) published by the Bank of Korea (BoK) fell from the 108 points recorded in both March and April to 105 points in May. The reading marked the lowest level since September 2013. Despite the fall, the index is still above the 100-point threshold, which indicates that consumers are more optimistic than pessimistic.

According to the BoK, consumers were less optimistic regarding their current living standards and the country’s overall economic conditions. In addition, households’ views regarding their prospective living standards and the country’s economic prospects deteriorated over the previous month.

Some analysts believe that the fall in consumer confidence in May mainly reflected Korean citizens’ sentiment in reaction to the Sewol-ho ferry disaster that took place on 16 April.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.8% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel sees private consumption accelerating to 3.1%.


Author:, Senior Economist

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Korea Consumer Confidence May 2014 0

Note: Composite Consumer Sentiment Index (CCSI). An index value above 100 indicates that optimists srespondents outnumber pessimist respondents.
Source: Bank of Korea (BoK)


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