Turkiye's consumer confidence index dips further by 5.9% in July 2023

24 Jul '23

2 min read

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Insights

Turkiye's consumer confidence index for July 2023 dropped by 5.9 per cent to 80.1, continuing the downward trend from June.
Sub-indices also fell, with the largest decline seen in general economic expectation over the next year, which dropped by 11.3 per cent.
The sub-index for spending on durable goods showed a slight recovery, increasing by 1.5 per cent.

Turkiye’s consumer confidence index in July 2023 decreased by 5.9 per cent to 80.1—from 85.1 in June. This marked a consistent downward trend as June’s index also saw a drop of 6.5 per cent from the preceding month.

The sub-indices which measure different aspects of consumer confidence also showed a decline. The index reflecting the financial situation of households at present experienced a 6.6 per cent dip in July, reaching 64.5 from 69.1 in June, which itself had a decrease of 2.2 per cent from May, according to a consumer tendency survey jointly carried out by the Turkish Statistical Institute (TurkStat) and Central Bank of the Republic of Turkiye.

Similarly, households’ expectation of their financial situation over the next 12 months witnessed a decline as well, falling by 7.7 per cent to 79.2 in July from 85.8 in June, which also had seen a higher decline of 8.8 per cent from May.

The general economic situation expectation over the next 12 months suffered the most, dropping by 11.3 per cent to 82.2 in July from 92.7 in June, which saw a decline of 7.8 per cent from the previous month.

However, one sub-index showed a positive trend—the assessment of spending money on durable goods over the next 12 months. After a decrease of 6.2 per cent in June, the index improved by 1.5 per cent in July, rising to 94.4 from 93.0.

Fibre2Fashion News Desk (NB)

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