September 27, 2022

Comprehensive Consumer Sentiment Index (CCSI) improved relations between South Korea and North Korea after the inter-Korean summit that took place on April 27, rebounded in May after six months of appreciation

CCSI is an indicator that rates are an indicator of overall consumer sentiment for the economy by combining six sub-indicators including current standard of living, reserve standard of living, household income, household expenditure, current domestic economic situation and domestic economic situation. If the index is higher than 100, it is an optimistic outlook and lower than a pessimistic 100.

According to an announcement by the Bank of Korea on May 29, CCSI in May recorded 107.9, up 0.8 points from the previous month. CCSI has fallen for five months since December last year.

The sub-index for consumer sentiment related to the current domestic economic situation (89) and the future domestic economic situation (101) rose by 3 and 5 points, respectively. This means that there are more people who feel the economy is improving, and more consumers expect the economy to improve in the future.

An official from the Bank of Korea said, “The CCSI rose in May as consumers expect more economic cooperation after improving inter-Korean relations and easing tensions between the US and China over trade.”