Arab Today, arab today china consumer confidence drops for third month
Last Updated : GMT 10:09:25
Arab Today, arab today
Arab Today, arab today

China consumer confidence drops for third month

Arab Today, arab today

Arab Today, arab today China consumer confidence drops for third month

Consumer confidence
Beijing - XINHUA

China's consumer confidence declined for a third month in August partly due to a weak stock market, according to a latest index.

The Bank-card Consumer Confidence Index (BCCI), compiled by Xinhua News Agency and China UnionPay, a national bank card association, declined 0.6 point from July to 82.07 in August, the third month-on-month drop in a row.

On a year-on-year basis, the index dropped 1.69 percent. A lower reading shows a drop in consumers' desire to spend.

Spending on non-necessities dropped sharply, with a plunge of 13.55 percent for plane tickets, and a decline of 8.6 percent for large home appliances, including air conditioners and fridges.

The BCCI drop came as sharp fluctuations on the stock market eroded Chinese people's personal wealth. A stock market rout since June 12 had led to a 38 percent plunge in the benchmark Shanghai Composite Index by the end of August.

A report came along with the index said the BCCI may continue to see fluctuations as official data pointed to weak economic activity.

Manufacturing purchasing managers' index for August came in at 49.7, falling under the boom-bust line of 50 for the first time in six months, according to data released by the National Bureau of Statistics.

The BCCI, first released in April 2009, is based on bank card transaction data and analyses of changes in urban consumption.

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