South Korea Consumer Confidence Reaches 7-Month High
In May 2025, South Korea's Composite Consumer Sentiment Index experienced a significant increase, reaching 101.8, up from 93.8 in April. This marks its highest point since October 2024, when it previously hit similar levels. The notable rise in sentiment is attributed to a reduction in political uncertainty and increased optimism regarding a potential tariff agreement with the United States. This surge in consumer confidence occurs just ahead of South Korea's upcoming presidential election, which follows the recent removal of former President Yoon Suk Yeol. Yoon was impeached in December after a temporary imposition of martial law and was officially removed from office in April. Concurrently, trade negotiations with the US have been steadily advancing, with both nations targeting a finalized tariff agreement by July. All major components of the sentiment index recorded significant improvements, including perceptions of living standards, household income, consumer spending, and the domestic economic outlook. Furthermore, the anticipated inflation rate for the coming year has decreased to 2.6%, bolstering consumer confidence even further.
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