A gauge of Chinese consumer sentiment fell in May, further eroding the significant gains seen in March.

The Westpac MNI China Consumer Sentiment Indicator for the month fell 3.1 points from April to 114.2, its compiler Market News International said yesterday.

Sub-indicators for personal finances and expectations for personal finances also fell in May, after upbeat readings in February and March, as did people’s assessment of their household finances, and outlook for business conditions.

Uncertainty over income led respondents to be more risk-averse, the poll said, with almost 57 percent saying they kept their savings in a bank.

With data showing a continuing slowdown in industrial output, consumers tempered their assessment of the business environment, the poll said.

The one-year outlook indicator for business conditions dropped 3 points to 115.7, while the five-year outlook lost 0.4 points to 134.1.

(Source: ShanghaiDaily  Author: Ding Yining)