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Consumer confidence rises amid positive outlook

Consumer confidence rose slightly this month amid improved sentiment in stock investment and the economic outlook, a survey released by National Central University showed yesterday.

The Consumer Confidence Index (CCI) climbed to 68.48 points this month, up 0.62 from last month, the university’s Research Center for Taiwan Economic Development said in a statement. It said, however, that a CCI figure of less than 100 points still showed that the public remained pessimistic about the outlook for the next six months.

The CCI report came after Shin Kong Mitsukoshi Department Store (新光三越) said it would purchase the debt-ridden Idee Department Store (衣蝶百貨) for NT$705 million (US$23.18 million) on Monday amid an anticipated recovery in consumer spending.

The survey also came amid the release of mixed corporate earnings, with Quanta Computer Inc (廣達電腦) yesterday reporting that its first-quarter profit rose 18 percent to NT$4 billion from the previous year, while China Steel Corp (中鋼) posted an annual 11 percent decline in first-quarter profit to NT$11.7 billion.

The monthly survey, which interviewed 2,331 respondents between April 19 and April 24, assesses public expectations on stock performance, household finances, durable goods, job opportunities, consumer price fluctuations and the economic outlook.

Four of the six sub-indices rose in the survey, with the stock investment sub-index showing the biggest increase.

Two sub-indices dipped this month, with more people expressing worries over higher consumer prices and worsening household finances, the survey said.

The results of the survey were released before the local stock market closed. The TAIEX yesterday dropped 2.07 percent to close at 8,891.74. The benchmark index has risen 4.54 percent so far this year.
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