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The ANZ-Roy Morgan China consumer confidence eased in May, though remained upbeat in absolute terms, on slightly softer response from households on no expectations of 'good times' over the next year.
China consumer confidence Index declined to 144.0 in May, down from 145.0 in the previous month. In terms of personal finances, 49.5 pct (from 46.9 pct) of the respondents said that their families are 'better off' financially. Meanwhile, 18.4 pct (prev 16.3 pct) said that they are 'worse off'. On the outlook for their own personal financial situations, 66.4 pct (prior 68.7 pct) of the respondents expect their families to be 'better off' next year, compared with 6.4 pct who expect conditions to be 'worse off'.
On economic conditions, the number of respondents who expect China to have 'good times' over the next year declined to 55.8 pct (prev 56.1 pct), while those who expect economic 'bad times' rose to 17.2 pct from 14.0 pct in April. On longer-term economic performance, 63.5 pct expect China to have 'good times' and 14.7 pct (prior 14.9 pct) said that there will be 'bad times'.
Inflation expectations eased further to 3.67 pct from previous 4.02 pct in May.
"Sentiment remains elevated following April’s strong rebound. Despite the slight fall in the headline index in May, consumer confidence remains well above the average level over the past year," said Louis Lam, Economist, ANZ Research in a recent report.
