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ANZ-Roy Morgan South Korean Consumer Confidence Stabilised in November
November 24 2015
- Finding No.
Consumer Confidence Press Release
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 November 2015.
ANZ’s Senior Economist Raymond Yeung said:
- ANZ-Roy Morgan South Korea Consumer Confidence rose to 83.6 (up 0.2ppt) in November. 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 9.7% (down 1.5ppts) of respondents said their families are ‘better off’ financially than this time last year, compared with 40.0% (down 2.2ppts) that said their families are ‘worse off’.
- Now over a quarter of respondents, 26.5% (up 0.7ppt), expected their family will be ‘better off’ financially this time next year, while 29.6% (down 4.8ppts) expected their family to be ‘worse off’ financially.
- Thinking of economic conditions in South Korea going forward, just less than a quarter, 23.6% (up 0.4ppt) 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 58.5% (down 0.5ppt), that expected ‘bad times’ economically (the lowest level since October 2014).
- Over the longer-term, now 37.9% (up 0.7ppt) of respondents expected South Korea will have ‘good times’ economically during the next five years, and a slightly more respondents, 41.0% (down 1.0ppt), expected ‘bad times’ for South Korea.
- Currently, 27.4% (down 6.6ppts), of respondents said it is a ‘good time to buy’ major household items, while almost two-fifths, 38.0% (up 1.4ppts) said it is a ‘bad time to buy’ major household items.
- The inflation expectations fell slightly to 2.4% (down 0.1ppt) in November.
“Household sentiment remained stable in November, consistent with Q3 GDP figures which showed a resilient private consumption. For South Korea, the strength of domestic demand will become a pillar of growth given the underperformance of exports recently. Today’s figure is a piece of positive news.
"However, the survey indicates that people do not think it is good time to buy durable goods, suggesting that the optimism can be very vulnerable. In general, Korean households continue to be highly vigilant to economic uncertainty. This attitude will be considered by the policymakers. Therefore, we continue to expect an easing bias with regard to the Bank of Korea’s monetary policy. Rate cuts are still on the cards.”
Click here to view the latest ANZ-Roy Morgan South Korean Consumer Confidence Release PDF - November 2015.
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