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Consumer Confidence Suffers Biggest Drop Since 2008

Written: 2024-12-24 09:56:03Updated: 2024-12-24 16:30:00

Consumer Confidence Suffers Biggest Drop Since 2008

Photo : YONHAP News

South Korea's consumer sentiment worsened the most since the 2008 global financial crisis this month amid growing volatility in the financial market and political uncertainties after President Yoon Suk Yeol’s botched martial law attempt. 

According to a Bank of Korea survey released Tuesday, the Composite Consumer Sentiment Index(CCSI) stood at 88-point-four in December, down 12-point-three points from the previous month. 

It marks the biggest plunge since October 2008, when the index slipped 12-point-six points, falling well below the threshold of 100 that divides optimism and pessimism. 

The index also hit the lowest since November 2022. 

The subindex that measures consumers’ economic outlook, one of the six indices that make up the CCSI, also plunged 18 points from a month earlier to 56.

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