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China ANZ-Roy Morgan consumer confidence edged down in June on the backdrop of ongoing global worries surrounding Brexit and slow growth in the Chinese economy. However, the slight decline in June’s figures does not necessarily imply that the economy has stagnated to transform itself into a consumption-led economy.
ANZ-Roy Morgan China consumer confidence Index edged down to 143.7 in June, from 144.0 in the previous month.
In terms of personal finances, 47.7 percent of respondents said that their families are 'better off' financially, compared to 49.5 percent in May. Meanwhile, 13.1 percent said that they are 'worse off', significantly down from 18.4 percent last month. On the outlook for personal financial situation, 64.8 percent, from previous 66.4 percent expected their families to be 'better off' next year, compared with 3.7 percent (previous 6.4 percent) who expected conditions to be 'worse off'.
On economic conditions, respondents who expect China to have 'good times' over the next year slightly declined to 54.5 percent, from 55.8 percent, while respondents who expect economic 'bad times' plunged to 13.6 percent compared to 17.2 percent in June. On longer-term economic performance, 62.8 percent of the respondents expect China to have 'good times', slightly lower than the 63.5 percent in May. Meanwhile, 14.0 percent of the respondents (previous 14.7 percent) said that there will be 'bad times'.
"To some extent, the recovery of the real estate sector in the past twelve months has offered firm support to China's consumption level due to a positive wealth effect," said Louis Lam, Economist, ANZ.
Respondents who said that it is a 'good time' to buy major items declined to 41.2 percent, from 47.1 percent last month, while respondents who said that it is a 'bad time' to do so rose to 8.3 percent compared to 5.7 percent in May. Meanwhile, inflation expectations rose to 4.51 percent (previous 3.67 percent) in June.
"Chinese policymakers will need to strive for balance in order to sustain the consumption growth in the future," Louis added.
