Although the novel coronavirus infection (COVID-19) is spreading again, consumer sentiment has improved. Adaptation to the prolonged COVID-19 outbreak, vaccinations, and robust exports are the factors.
According to the ‘September 2021 Consumer Trend Survey Results’ announced by the Bank of Korea on the 28th, the Consumer Confidence Index (CCSI) in September was 103.8, up 1.3 points from the previous month. The Consumer Confidence Index (CCSI) fell for the second straight month in July and August, but rebounded in September.
The Composite Consumer Sentiment Index (CCSI) is a psychological index calculated using six major indices among the consumer trend index (CSI): The long-term average value (January 2003 to December 2020) is taken as the reference value of 100, and values greater than 100 indicate optimism than the long-term average, and values less than 100 indicate pessimism.
The September Consumer Confidence Index survey was conducted from the 9th to the 16th, targeting 2,500 households in cities across the country (2304 responses).
The current living conditions index, the living condition prospect index, and the household income outlook index were 91, 96, and 99, respectively, the same as the previous month. On the other hand, the consumption expenditure outlook index recorded 109, a 2 point increase from the previous month, the current economic judgment index rose 1 point to 78, and the future economic outlook index rose 4 points to 94.
Although not included in the Consumer Confidence Index, the Employment Opportunity Prospect Index rose 2 points from the previous month to 88, and the Interest Rate Prospect Index also rose 8 points to 134, up 8 points from the previous month.
Hwang Hee-jin, head of the statistical investigation team at the Bank of Korea’s Economic and Statistics Bureau, said, “The number of new confirmed cases has continued to record four-digit numbers for more than 70 days, and they are getting used to it for a long time and the correlation is decreasing.” As the improvement and brisk exports continue, optimism prevails and consumer sentiment seems to have rebounded,” he said.
Reporter Baek Sang-il, Global Economics, bsi@g-enews.com
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