Turkish consumer morale falls to lowest in decade

Turkish consumer morale falls to lowest in decade

Turkish consumer morale falls to lowest in decade

The Turkish consumer confidence index dropped to 57.3 in October from 59.3 in the previous month, official data has shown.

The reading was the lowest since December 2008, when it was 56.7, according to data from the Turkish Statistics Institute (TÜİK), which was released on Oct. 23. 

The consumer confidence index thus fell in the last three months in a row, with the steepest decline being seen in September with a 13.2 percent drop on monthly basis, in the wake of a dramatic fall in the Turkish Lira’s value and a significant rise in the inflation rate.

Households’ financial expectations and their view on the unemployment situation in the next 12 months weakened sharply.

The financial situation expectation of household index in the next 12-month period decreased to 73.5 in October with a 4.1 percent monthly decline.

The number of people unemployed expectation index (next 12 months period), which was 67.2 in September, decreased by 5.4 percent and became 63.6 in October, according to TÜİK data.

The general economic situation expectation index also declined to 72.8 in October by a 2.4 percent monthly decrease.

Consumers plan to save more in the next 12 months, TÜİK data also showed, as the probability of saving index rose to 19.2 in October with a 2.3 percent monthly increase.

Turkish consumer morale,