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Shanghai consumer confidence weakens amid uncertainties
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CONSUMER confidence in Shanghai fell in the fourth quarter amid global political uncertainties and yuan depreciation, a survey showed today.
The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by Shanghai University of Finance and Economics, fell 4.3 points from the third quarter to 111.9 in the fourth quarter.
A reading above 100 points indicates optimism.
Xu Guoxiang, director of the university’s Applied Statistics Research Center, said a series of global political changes, delayed impacts of economic recovery, continued yuan depreciation and a weak stock market all hurt consumer confidence.
“Changeable international political and economic conditions last quater can arouse a sence of crisis among consumers, hurting consumer confidence to some extend,” Xu said. “The city’s economic indicators this quarter actually picked up, but it takes time to impact the economy and consumers.”
The component indexes showed people’s intention to purchase homes and cars rose by 9.5 points, 4.8 points respectively from the previous quarter, while their intention to buy durable goods fell 12.4 points.
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