Consumer confidence edged lower this month from last month, dragged by sapping interest in stock investments and purchases of durable goods, a survey by the National Central University showed yesterday.
The Consumer Confidence Index stood at 82.98 this month, down from 83.16 last month, despite the public feeling positive about the economy, the job market and household incomes, and experiencing less inflationary pressures, the monthly survey found.
“The drab performance of the local capital and property markets somehow obscure noted improvement in economic fundamentals,” said Dachrahn Wu (吳大任), director of the university’s Researcher Center for Taiwan Economic Development.
The sub-index on stock investment fell to 80.6, from 83.4 one month earlier, suggesting softening sentiment, the survey indicated, as the TAIEX shed 3.78 percent on light volume in the same period.
Uncertainty abroad and upcoming capital gains taxes at home on stock investments accounted for the light trading, Taiwan Research Institute (台灣綜合研究院) researcher Day Jaw-yang (戴肇洋) said.
The treasury would only benefit mildly from the taxes, with only 1,200 individual investors meeting the taxable threshold of selling NT$1 billion
(US$32.9 milion) worth of shares a year, Day said.
While small in number, they constitute a sizable share in terms of trading and policymakers should weigh all costs involved, the researcher said, as the state coffers might see a decline in stock transaction tax revenue.
The sub-index on durable goods purchases reported a slight retreat to 105.15 from 106.2.
The modest shift signaled an increasing number of consumers considering it an unhealthy time to buy real estate properties in the next six months, economics professor Chu Yun-peng (朱雲鵬) said.
“While the public is more confident about household incomes, many cannot afford owning houses, especially in Taipei,” Chu said, adding that expectations of price corrections helped weaken confidence.
The sub-index on economic outlook rose from 44.8 to 45.2, while job market confidence grew from 109.95 to 111.65, the survey said, consistent with official unemployment figures.
The confidence survey interviewed 2,430 Taiwanese aged 20 and older by telephone between Oct. 19 and Wednesday.
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