The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by the Shanghai University of Finance and Economics, rose 2.5 points from the third quarter to 123.9 points in the October-December quarter, up 12 points from the level in the same period last year.
A reading above 100 points indicates optimism.
The index reached a record high, indicating that the Shanghai economy achieved notable structural transformation amid China's steady economic growth, said Xu Guoxiang, director of the university’s Applied Statistics Research Center.
He said the overall structure of Shanghai’s economy is becoming more balanced, and economic growth is gradually recovering, boosting consumer confidence in the city.
The component indexes showed intention by residents to buy homes rebounded by 8.1 points from the previous quarter to 59.1 points but dropped sharply by 14 points from the same period last year. Consumer intention to buy cars rose 1.6 points from the July-September period.
“Overall, the survey showed that consumers are optimistic about the general economic situation,” Xu added.
However, the Index of Investor Confidence dipped 3.53 points from the third quarter to 113.42 points in the fourth quarter, but on a year-on-year basis it expanded 8.18 points.