Consumer confidence in Shanghai experienced a positive shift in the fourth quarter of 2023, according to a quarterly report released by the Shanghai University of Finance and Economics on Jan 9.

The consumer confidence index for Shanghai increased by 1 point compared to the same quarter 2022, or 0.3 points from the previous quarter, reaching 101.7. A reading above 100 indicated positive sentiment.

The index has two core sub-indices -- consumer evaluation and consumer expectation -- and eight categorical sub-indices.

The consumer evaluation sub-index rose to 101.2 in the quarter, marking a 4.3-point increase from the previous year and a 2.5-point uptick from the preceding quarter. Meanwhile, the consumer expectations sub-index slid to 102.2, a decrease of 2.4 points year-on-year and 2 points from the third quarter.

Among the consumer evaluation categorical sub-indices, the economic situation evaluation sub-index demonstrated the most significant year-on-year growth, surging by 11.5 points to 124.8 in the fourth quarter. This indicates heightened consumer satisfaction with the city's economy, with a quarter-on-quarter increase of 4.9 points.

The income evaluation sub-index, still above the benchmark 100, stood at 103.1 for the fourth quarter, witnessing a 4-point increase from a year earlier, albeit down 2.6 points from the third quarter.

The employment evaluation sub-index remained relatively stable year-on-year at 95.7, experiencing a slight 0.7-point decrease from the previous quarter.

The purchase willingness sub-index saw a 1.3-point year-on-year increase or an 8.4-point surge from the third quarter, reaching 81.1. Notably, it's among the few categorical sub-indices that saw both yearly and quarterly growth.

The property purchase willingness sub-index saw a substantial increase of 16.2 points from the third quarter to 59.2, reflecting the impact of housing stimulus policies. However, it registered a 5.9-point decrease year-on-year, maintaining a relatively low level.

The car purchase readiness sub-index reached 88, showing a 5.5-point year-on-year increase and an 11.1-point jump from the previous quarter.

The large household durables purchase readiness sub-index reached 96.2, up 4.4 points year-on-year but down 2.3 points quarter-on-quarter.

Xu Guoxiang, director of the SUFE's Research Center for Applied Statistics, highlighted that the rebound in the fourth quarter followed a sharp decline in the third quarter. Although figures improved, they remained relatively low.

Xu attributed the modest quarterly improvement to last year's economic recovery, improvements in major economic indicators, and the expansion of domestic demand.

Source: news.cnstock.com, cs.com.cn