Macro Snapshot: Turkey Consumer Confidence Index, September 2021

In September, CCI decreased by 1.8% MoM to 79.7 (August: 78.2). According to 3-month average figures, CCI increased by 0.8% QoQ and decreased by 2.6% YoY in 3Q21, respectively.

All sub-indices continued to remain at the pessimistic area. In monthly basis, only assessment on spending money on durable goods remained constant whereas other
sub-indices recovered.

Assessment of spending on semi- durables and expectations for wages change were over the critical value of 100 which indicates the positive expectations.

17 of 18 sub-indices recorded monthly increases.

According to 3-month average figures, only probability of borrowing money for the
consumption expenditures recorded an increase.

Assesments on the upward trend on the consumer prices halted fort he first time after 15 months.Recovery signs from the buying time condition of durables and saving time
condition started to be seen.

Despite expectations on inflation and general economic situation continued to deteriorate, expectations on employment also gave a negative sign. Only the expectations on wages continued to recover and remained at the optimistic area for the 7-month in a row.

Assessment on spending on both semi-durables and durables continued to recover. Also, assessment on spending semi- durables continued to remain at the optimistic area for 11 months consecutively.

Investment-saving related indices continued to stay significantly below of critical value of 100. On the other hand, all sub-indices gave a recovery signal. The most remarkable upward trend was seen on probability of spending on home renovations.


Y.F. Securities Research