Retail Sales Remain Strong Despite Falling Consumer Confidence

09 Oct 2025 Macro Flash

The Consumer Confidence Index (CCI) fell by 2.2 points to 115.0 in September 2025 from 117.2 in August 2025. This decline was driven by a 2.0-point decrease in the Consumer Expectation Index (CEI) to 127.2 in September 2025. In addition, the Current Economic Condition Index (CEC) dropped by 2.4 points to 102.7. Based on spending purposes, the proportion of income allocated for consumption rose by 0.3% MoM to 75.1%. Meanwhile, the debt repayment proportion declined by 0.2% MoM to 11.2%, and the savings proportion decreased slightly by 0.1% MoM to 13.7%. The increase in consumption and household spending was followed by an estimated rise in retail sales in September 2025 on an annual basis. Actual retail sales grew by 3.5% YoY in August 2025 and are projected to increase by 5.8% YoY in September 2025.

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