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Confidence among South Korean consumers dropped to the lowest in two and a half years as the outbreak of Middle East Respiratory Syndrome (MERS) discouraged consumers from spending money, central bank data showed Thursday.
Composite consumer sentiment index (CCSI), which reflects consumers' assessment of economic conditions, sank six points from a month earlier to 99 in June, according to the Bank of Korea(BOK).
The June figure was the lowest since December 2012 when it recorded 98. The figure below 100 means pessimists outnumbered optimists.
Consumer confidence showed an improving picture from January, but it worsened sharply as the MERS outbreak dampened sentiment among consumers.
The case of MERS infection increased to 180 Thursday since the first case was reported on May 20. The death toll rose to 29, and 18 patients have been still in unstable conditions.
Amid escalating fears for the viral disease, consumers refrained from entertainment and social gatherings, while some even delayed going for shopping.
The central bank cut the benchmark interest rate in June to an all-time low of 1.5 percent to boost the lackluster domestic demand hit hardest by the MERS spread.
Sub-indices showed a downward picture. Sentiment on current economic conditions tumbled from 79 in May to 65 in June, marking the lowest in almost four years. The reading for prospective economic situations slid from 91 to 79 in the same period.
Sentiment on prospective income fell from 101 in May to 98 in June, and the figure for prospective consumption declined from 107 to 105.
Inflation expectations among consumers over the next 12 months stayed at a record low of 2.5 percent in June. It was the lowest since the BOK began compiling the data in February 2002.
