South Korea’s consumer sentiment weakened in October to the lowest level in five months as households’ current and future living conditions worsened, survey results from the Bank of Korea showed on Wednesday.
The consumer confidence index fell to 98.1 in October from 99.7 in September. This was the lowest reading since May 2022, when it was 98.0.
The consumer confidence survey was conducted between October 10 and 17 among 2,500 households.
The sub-index for households’ assessment of prospective living standards dropped to 90 from 92, and the measure for current living standards weakened to 88 from 89.
Similarly, the index measuring consumers’ prospective household income decreased from 99 to 98 in October.
South Koreans were slightly more pessimistic about their job prospects, and the relevant index rose to 78 from 77.
Their interest rate expectations increased in October, with the measure rising to 128 from 118.
The expected inflation rate for the upcoming year was 3.4 percent, which was 3.3 percent in September.
Households’ expectations for domestic economic conditions in the future weakened from 74 to 70.