Consumer confidence plummeted in March

The Turkish Statistical Institute (TUIK) announced the Consumer Confidence Index for March 2023.

Consequently, the consumer confidence index decreased by 2.9 percent in March compared to the previous month; The index, which was at 82.5 in February, became 80.1 in March.

It was stated that the consumer trend survey was not conducted in the provinces of Adıyaman, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya and Osmaniye, which were affected by the earthquake disaster.

If the index is greater than 100, it indicates an optimistic situation in consumer confidence, while less than 100 indicates a pessimistic situation in consumer confidence.

EXPECTATION OF MAXIMUM DECREASE IN FINANCIAL STATUS

As for the sub-indices, the current period household financial situation increased 0.8 percent in March compared with the previous month; The index of ‘expectations of the financial situation of households in the next 12 months’ decreased by 5.5 percent per month.

While the expectation of the general economic situation decreased 3.3 percent in the next 12 months, the idea of ​​spending on durable consumer goods in the next 12 months decreased 2.7 percent.