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Chinese consumer sentiment rebounds in May
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CHINESE consumer sentiment rebounded in May with favorable stock market performances boosted consumer sentiment.
The Bankcard Consumption Confidence Index edged up 0.32 points from a month ago to 83.99, China UnionPay said in a report today.
Expenditure at restaurants and eateries were up 4.9 percent from a month ago while spending size at department stores and shopping centers rose 13.75 percent.
Consumers’ sentiment was in a stable condition with both the stock market and property sector rebounding in recent months and is expected to pick up further with Purchasing Managers Index and other macroeconomic data suggesting improvement.
The warming up of the property market in recent months also pushed up home appliances sales, which rose 4.09 percent in May from a month ago.
Spending at major domestic tourist destinations and scenic spots surged 43.4 percent while spending value at gas stations also rose 9.6 percent as commuting and traveling picked up in the past month.
Recent price cuts by global fashion houses such as Burberry and Gucci in their domestic outlets pushed up luxury bags and leather sales by 32.9 percent.
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