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ANZ-Roy Morgan South Korean Consumer Confidence Edged Up in October

The monthly ANZ-Roy Morgan South Korea Consumer Confidence Index is based on 1,000 telephone interviews conducted throughout South Korea. Men and women aged 14 and over were randomly selected during the month of October 2015.
HIGHLIGHTS

  • ANZ-Roy Morgan South Korea Consumer Confidence rose by 0.3pts to 83.4 in October. South Korean Consumer Confidence is now at its highest level for over a year since September 2014 (86.7).

  • In terms of personal finances now 11.2% (up 1.0ppts) of respondents said their families are ‘better off’ financially than this time last year, compared with 42.2% (up 0.6ppt) that said their families are ‘worse off’.

  • Now just over a quarter of respondents, 25.8% (up 1.6ppts), expected their family will be ‘better off’ financially this time next year, while 34.4% (down 0.8ppt) expected their family to be ‘worse off’ financially.

  • Thinking of economic conditions in South Korea going forward, just over a fifth, 23.2% (down 0.2ppt) of respondents, expected South Korea will have ‘good times’ economically over the next 12 months (the highest record for this indicator since October 2014), compared with 59.0% (down 2.6ppts), that expected ‘bad times’ economically (the lowest level since October 2014).

  • Over the longer-term, 37.2% (down 1.1ppts) of respondents expected South Korea will have ‘good times’ economically during the next five years, and slightly more, 42.0% (up 0.8ppt), expected ‘bad times’ for South Korea.

  • Now 34.0% (down 1.4ppts), of respondents said it is a ‘good time to buy’ major household items, while slightly more, 36.6% (up 0.2ppt) said it is a ‘bad time to buy’ major household items.

  • The inflation expectations rose to 2.5% (up 0.2ppts) in October.
ANZ’s Senior Economist Raymond Yeung said:

“Household sentiment continues to hold up after the end of MERS, even though the level of consumer confidence (83.4) remains one of the lowest amongst Asian economies we are covering. The GDP figures released last week also indicated the strength of private consumption, contrasting to the contraction of exports. For South Korea, domestic demand will continue to hold the fate of growth in the near term.

"Today’s figure supports our prediction that the Bank of Korea (BOK) will likely keep interest rate on hold in November, which is consistent with the BOK’s relatively positive view on domestic recovery. However, the overall growth prospect remains very challenging and global policy environment is still highly uncertain. Against this backdrop, the monetary policy stance of Korea will maintain an easing bias over the next 12 months. Rate cuts are still on the cards.”

ANZ-Roy Morgan South Korean Consumer Confidence - October 2015 - 83.4

ANZ-Roy Morgan South Korean Consumer Confidence Rating - October 2015 - 83.4

Click to view the latest ANZ-Roy Morgan South Korean Consumer Confidence Release PDF - October 2015.


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The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.

You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.