Analysis on the Relationship between Consumer Sentiment and Macro-economic Indices by Consumer's Characteristics

우리나라 소비자 특성별 체감경기와 거시경제지표 간의 관계 분석

  • Kim, Young-Joon (Department of Economics & Finance, Sangmyung University) ;
  • Shin, Sukha (Department of Economics, Sookmyung University)
  • 김영준 (상명대학교 금융경제학과) ;
  • 신석하 (숙명여자대학교 경제학과)
  • Received : 2016.09.05
  • Accepted : 2016.11.10
  • Published : 2016.11.30


This paper presents an empirical analysis on the relationship between consumer sentiment and macro-economic indices by consumer's characteristics such as age, income and employment type. According to the empirical analysis based on the Consumer Sentiment Index(CSI) of the Bank of Korea and other macro-economic indices, the following study findings are presented. First, individual consumer sentiment depends not only on GDP growth, but also on other macro-economic conditions such as wage, employment, consumer and asset price, and debt burden. Second, the degree of importance of the macro-economic indices on determining individual consumer sentiment varies strongly according to consumers' characteristics. These findings reveal that the gap between consumer sentiment and GDP growth can largely be explained by considering the other macro-economic indices and consumer's characteristics.


Business Cycle;Consumer Confidence;Consumer Sentiment;Consumer Sentiment Index;Macro-economic Indices


Supported by : 상명대학교


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