Pessimism hits morale of Shanghai consumers


The confidence of consumers in Shanghai fell in the second quarter as they expected economic outlook to be gloomier and were less willing to spend, a survey showed yesterday.
The Index of Consumer Sentiment in Shanghai fell to 107.1 in the April-June period, down 5.6 points from the previous quarter but 3.9 points higher than the same period of last year, the survey by Shanghai University of Finance and Economics showed.
A reading above 100 means optimism.
Xu Guoxiang, director of the university’s Applied Statistics Research Center, said people’s confidence weakened as they were pessimistic over slower growth in the economy and their income.
“Consumers adjusted their economic expectations due to weak economic data and slower growth in trade,” said Xu.
“Besides, poor home sales and (weak) stock market are signals for a negative trend, and they squeeze the wealth of the residents, dragging down their expectations for income growth.”
Meanwhile, an index measuring residents’ intention to purchase homes, cars and durable home appliances fell 6.9 points from the first quarter to 72 points.

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