Westpac MNI China Consumer Sentiment Indicator
- Higher in October
- Confidence at the highest level since April this year
- Two of the five components higher this month (Durable Buying Conditions and Current Household Finances)
- Small falls for the 3 others (Expected Household Finances, Business Conditions in One Year and Business Conditions in Five Years)
WPAC comment:
- Chinese consumer confidence is again showing promising signs of a lift with the more positive picture on finances and durables spend a welcome development
- That said, sentiment overall is still tracking within the 110-118 band that has prevailed since mid-2014
- This 'lacklustre' mood reflects ongoing weakness in business conditions that continues to be reflected in downbeat expectations for family finances, concerns about job security and 'risk averse' attitudes towards financial decisions
- Even with the latest gain it still looks like a sustained turnaround in business conditions will be required to drive a stronger and broader upturn for consumers.
