Consumer confidence increased in October

The Turkish Statistical Institute (TUIK) announced the consumer confidence index for October 2023.

Consequently, the consumer confidence index, calculated from the results of the consumer trends survey conducted in cooperation with the Turkish Statistical Institute and the Central Bank of the Republic of Turkey, increased by 4.4 percent in October, reaching 74.6, while in September it was 71.5. .

The consumer confidence index calculated from the survey results can take values ​​between 0 and 200.

A consumer confidence index greater than 100 indicates an optimistic situation in consumer confidence, while a consumer confidence index less than 100 indicates a pessimistic situation in consumer confidence.

ACCORDING TO TURKSTAT, EXPECTATIONS OF THE FINANCIAL SITUATION OF HOUSEHOLDS INCREASED

When looking at the breakdowns, it was seen that the largest increase was experienced in expectations of the general economic situation.

Consequently, in the current period, the financial situation of households increased by 6.1 percent month-on-month in October to 59.7.

While the expectation of households’ financial situation in the next 12 months increased 5.4 percent monthly to 72.6 in October; The expectation of the general economic situation in the next 12 months increased 7.2 percent to 72.9, and the expectation of spending on consumer durables in the next 12 months increased 0.5 percent to 93.2 .

EVEN INCREASE, IT IS WELL BELOW THE PRE-ELECTORAL LEVEL

The index, which fell for three consecutive months due to the rise in exchange rate and prices after the elections and bottomed out in the 14th month, began to rise again in September and reached 71.5.

Although the index has increased in the last two months, it is still 16.5 points below the value of 91.1 in May, when the elections were held.