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Korea’s consumer sentiment gains by the fastest pace in nearly 8 years in May

Collected: 2017.05.26

Distributed: 2017.05.29

Source: Go Direct

South Korea’s consumer confidence that has been reviving since February received a significant uplift amid high hopes in normalization of state affairs timed with the launch of a new administration under President Moon Jae-in who promised of sharp increase in fiscal spending for bolster hiring and income.

According to data released by the Bank of Korea (BOK) on Friday, the nation’s composite consumer sentiment index (CCSI) for May reached 108.0, up 6.8 percentage points from the previous month. A reading over 100 indicates that consumers are more positive than negative about the economy.

The figure is the highest since April 2014 when it stood at 108.4 just before the Sewol Ferry disaster that put a damper on consumer sentiment. The on-month gain of 6.8 points is the biggest since August 2009.

Consumer sentiment had remained subdued over the past few years due to a series of disasters including the Sewol Ferry sinking in 2014 that killed more than 300 people and the outbreak of Middle East Respiratory Syndrome (MERS) in 2015. It was also hit hard by the sluggish exports and political unrest caused by former president Park Geun-hye’s corruption scandal that led to impeachment, political vacuum, and eventual removal.

But the index picked up from February amid signs of recovery on the external trade front.

The survey for this month was conducted on May 12 to May 19 right after the presidential election on May 9 on 2,200 households across the country, of which 2,042 households responded.

“Consumer sentiment has showed signs of recovery thanks to eased political uncertainties and robust exports,” said Park Sang-woo from the BOK.

By Boo Jang-won

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