Consumer confidence recovers in July
The consumer confidence index that declined 6.2 percent in June increased by 7.4 percent monthly in July, data from the Turkish Statistical Institute (TÜİK) have shown.
Any index figure above the 100-mark indicates optimism among consumers.
All four major sub-indices of the headline consumer confidence index recovered in July from the previous month.
The sub-index, which measures households’ assessment of their current financial situation, advanced 4.2 percent this month after plunging 8.1 percent month-on-month in June.
The regular Consumer Tendency Survey, which TÜİK conducts jointly with the Central Bank, showed yesterday that households’ expectations regarding their financial situation over the next 12 months improved 12.2 percent in July. The sub-index was down 10 percent in June.
Another key sub-index measuring households’ expectations regarding the overall economic situation over the next 12 months, which fell 7.1 percent month-on-month in June, rose by a strong 15.2 percent.
The survey also showed that the index measuring the probability of households spending on durable consumer goods inched up 0.2 percent this month after registering a 1.8 percent decline in June.
Participants of the survey said that they expect consumer prices to decline in the next 12 months compared to the past 12 months and the employment outlook to improve in the next 12 months.
The sub-index for inflation expectations, which plunged 12.9 percent in June, rose 13 percent in July. Any increase in the index means consumers expect inflation to fall. The sub-index for the expectations regarding the number of unemployed people increased 5.2 percent after declining 4 percent in June. Any increase in this index figure suggests optimistic expectations regarding the job market.