China Economy

Lunar New Year boosts MNI China Consumer Sentiment Indicator

PUBLISHED : Monday, 04 March, 2013, 12:48pm
UPDATED : Monday, 30 May, 2016, 5:01pm

Chinese consumer sentiment rebounded modestly in February, helped by the week-long Chinese New Year holiday, according to the MNI China Consumer Sentiment Indicator released on Monday.

The indicator rose to 94.7 in February, from 94.1 in January, according to MNI, a unit of Deutsche Boerse Group.

It said the survey indicated that consumers were increasingly taking a “wait and see” attitude toward the immediate future, pending economic updates and news about new government when the new administration takes office this month.

All sub-indicators of the Consumer Indicator except the outlook for personal finances rose during February, with overall future expectations increasing more than current conditions, MNI said. Sentiment on current personal finances inched up in February, while the outlook for that category fell for the second month in a row.

Sentiment improved in all regions of eastern China but weakened in the central and western region.

MNI said consumers’ willingness to buy durable goods and to buy cars both improved marginally in February.

Real estate sentiment picked up for the second month in a row, with the outlook for house prices rising to its highest level since June last year, but equity investment sentiment corrected three consecutive increases.

MNI said its China Consumer Sentiment Indicator was developed in association with Richard Curtin, research professor and director of the consumer sentiment surveys at the Institute of Social Research, University of Michigan.