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ANZ-Roy Morgan South Korean Consumer Confidence Hurt Severely by MERS
June 23 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 June 2015.
ANZ’s Senior Economist Raymond Yeung said:
- ANZ-Roy Morgan South Korea Consumer Confidence edged down 3pts to 76.3 in June, the lowest level on record and below its 12-month average of 81.0.
- In terms of personal finances now 10.8% (down 1.8ppts) of respondents said their families are ‘better off’ financially than this time last year compared to 41% (down 0.1ppt) that said their families are ‘worse off’.
- 23.9% (down 1.3ppts) expect their family will be ‘better off’ financially this time next year, the lowest ever recorded for this indicator; 35.1% (down 1.2ppts) expect their family to be ‘worse off’ financially this time next year.
- Thinking of economic conditions in South Korea going forward, 16.6% (down 2.9ppts) of respondents expect South Korea will have ‘good times’ economically over the next 12 months, the lowest ever recorded for this indicator; 67% (up 6.3ppts) expect ‘bad times’ economically, the highest ever recorded for this indicator.
- Over the longer-term, 35.8% (down 0.2ppt) of respondents expect South Korea will have ‘good times’ financially during the next five years and 46% (up 2.7ppts), expect ‘bad times’ financially for South Korea, the highest ever recorded for this indicator.
- 25.5% (down 0.8ppt) of respondents say now is a ‘good time to buy’ major household items, while 42.2% (up 0.6ppt), say now is a ‘bad time to buy’ major household items.
- Inflation expectation edged up by 0.2ppt to 2.8% in June.
“Needless to say, MERS is the major culprit behind today’s result. According to the Korean government, department store sales plunged by 17% in the first week of June. More than 100,000 foreign tourists have cancelled their trip to Korea. Domestic consumption and tourism are hard hit.
"Obviously, policymakers are mulling a stimulus package to boost growth. Without proper level of policy support, the economy may not be able to achieve 3% growth in 2015. Following the interest rate cut in June, we expect the Finance Ministry to propose a supplementary budget very soon.”
Click to view the latest ANZ-Roy Morgan South Korean Consumer Confidence Release PDF - June 2015.
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