Consumer Confidence Index Declines in November

According to the Consumer Confidence Index report for November 2024 published by the Turkish Statistical Institute (TÜİK), the index value decreased to 79.8 compared to the previous month. The index value was 80.6 in October, reflecting a 1% decline.

This index, based on the results of the consumer trends survey conducted in collaboration with TÜİK and the Central Bank of the Republic of Turkey, measures consumers' perceptions of the current and future economic situation. An index value below 100 indicates that consumers are pessimistic about the economic situation. The recorded value of 79.8 in November suggests that consumer confidence remains at a pessimistic level.

Expectations regarding current and future financial situations indicate that the current financial situation index of households was set at 66.1 in November, showing a 2.1% increase from 64.7 in October. This increase reflects a slightly more positive perception of their current financial situation among consumers.

For the upcoming 12-month period, the households' expectations for their financial situation fell to 80.6. This index decreased by 1.8% from the previous month, when it was 82.1. Consumers indicate a more cautious expectation about their future financial situations compared to the previous month.

Regarding the overall economic situation and spending tendencies, the economic expectation index dropped to 73.8 in November, down from 75.3 in October, representing a 2% decrease. This decline highlights an increase in consumer pessimism regarding the overall economic outlook.

The willingness to spend on durable goods also decreased in November. The index, which was 100.1 in October, fell by 1.5% to 98.6. Consumers are becoming more reluctant to spend on durable goods.