Consumer confidence sags

Updated 2017-07-12 09:22:38 Shanghai Daily

Shanghai consumer confidence edged down in the second quarter amid a weaker real estate market, a survey showed yesterday.

The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by the Shanghai University of Finance and Economics, dipped 1.5 points from the first quarter to 117.6 in the April-June period.

A reading above 100 points indicates optimism.

The decline marked a correction from a fast increase in the last quarter weighed by weakness in real estate sales and the stock market, but overall sentiment remained strong as the economy has shown solid signs of stabilization, said Xu Guoxiang, director of the university's Applied Statistics Research Center.

He said Shanghai should promote advanced manufacturing industries, encourage development of the private sector and stabilize household incomes to boost consumer confidence.

"The survey showed declining willingness to spend money among young and middle age consumers worried about salary growth and high home prices," Xu said. "It is essential to stabilize employment and salaries to enhance consumer momentum against the backdrop of steady economic growth."

The component indexes showed people's intentions to buy homes dropped 4.4 points from the previous quarter to 56.6 and intentions to buy cars fell 2.1 points to 89.7.

Official data showed sales of consumer goods rose 8.2 percent year on year in the first five months to 468.24 billion yuan, from 8 percent for the same period last year.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 17 2018 17:22:50

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 17 2018 17:22:50

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 17 2018 17:22:50

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords