Retail in Asia

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China consumer confidence drops for 3rd month

China’s consumer confidence declined for a third month in August partly due to a weak stock market, according to a latest index.

The Bank-card Consumer Confidence Index (BCCI), compiled by Xinhua News Agency and China UnionPay, a national bank card association, declined 0.6 point from July to 82.07 in August, the third month-on-month drop in a row.

On a year-on-year basis, the index dropped 1.69 percent. A lower reading shows a drop in consumers’ desire to spend.

(Source: Shanghai Daily)