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Consumer sentiment in China surged to a 6-month high during the period of October, led by strong gains in the willingness to spend more and in the components leading to the outlook of current household finances.
The Westpac MNI China Consumer Sentiment Indicator rose to 117.1 in October from 115.2 in September. The gains were led by increases in the 'Durable Buying Conditions' and 'Current Household Finances' components, which offset small declines in 'Expected Household Finances', 'Business Conditions in One Year' and 'Business Conditions in Five Years' sub-sets, data released by Westpac showed Wednesday.
The Westpac MNI Indicator is based on responses from a minimum of 1,000 individuals aged between 18 and 64 across 30 cities in China.
"Chinese consumer confidence is again showing promising signs of a sustained lift with the more positive picture on family finances and durables spend a welcome development particularly from the point of view of prospects for an associated lift in demand," said Matthew Hassan, Senior Economist, Westpac.
Meanwhile, the Chinese economy seems to be re-gaining momentum amid concerns over the slewed property market as well as mounting debt accumulation.
