Consumer confidence at an ‘all time high’

The consumer confidence index of the city has reached a record high during the second quarter, indicating a significant boost in consumer optimism regarding economic indicators.

Conducted by the Institute for Sustainable Development (ISD) of the Macau University of Science and Technology (IUSD), the survey results show an overall consumer confidence score of 104.22 for the second quarter of 2024. This marks an increase of 9.25 points, or 9.74%, compared to the previous quarter’s score of 94.97. All six sub-indices included in the overall index have increased compared to the previous quarter.

The “Investment in Stocks” sub-index rose to 111.48, up 14.77% from the previous quarter’s 97.13, indicating a significant increase in consumer confidence in the stock market. The “Living Standard” sub-index increased by 12.59% to 105.40, compared to 93.61 in the previous quarter.

Meanwhile, the “Employment” sub-index reached 104.09, up 11.31% from 93.51 in the previous quarter, suggesting greater consumer optimism about their employment prospects. The “Price Level” sub-index climbed 8.07% to 92.97 from 86.03 the previous quarter, reflecting a relatively stable consumer outlook on current and future price trends.

For residential purchases, the sub-index was 94.18 this quarter, up 7.17% from 87.88 in the previous quarter, suggesting that consumers are slowly becoming more confident in purchasing real estate.

Meanwhile, the survey also revealed that consumers are becoming slightly more optimistic about the local economy as the relevant sub-index increased by nearly 5% to 117.18.

By design, each index score ranges from 0 to 200, with 200 being the highest possible score.

In the latter half of 2024, the worldwide economic landscape is projected to become increasingly complex and challenging, with a diminished growth trajectory for the global economy. Inflation remains a concern, although it is gradually decreasing from previous elevated levels.

The economic expansion and monetary strategies of prominent developed nations have also diverged. Mainland China’s economic performance continues to improve, characterized by steady progress in high-quality development, though it also faces challenges like inadequate effective demand and relatively subdued social expectations, according to the IUSD.

Since the fourth quarter of 2008, the Macau University of Science and Technology has been releasing the results of the survey on a quarterly basis.