Seasonally adjusted consumer confidence index decreased by 3.6% in May to 77.3 from 80.2 in April. There was an across the board weakening driven by an overall pessimism that Turkey’s economy along with consumers’ economic situtation would worsen in the coming year. Hence, consumers prefer to buy durable goods “now” rather than later.
May was the general three week lockdown time in Turkey amidst rising COVID-19 pandemic. June confidence would be slightly better, though no strong recovery is expected.
Seasonally adjusted consumer confidence index, May 2021
The financial situation of household index at present compared to the past 12 months: decreased by 3.8% to 61.5 in May from 64.0 in April.
The financial situation expectation of household index in the next 12 months: decreased by 5.5% to 76.6 in May from 81.0 in April.
The general economic situation expectation index in the next 12 months period: decreased by 4.9% to 78.8 in May from 82.9 in April .
Assessment on spending money on durable goods index over next 12 months: decreased by 0.7% to 92.2 in May from 92.8 in April.