Consumer confidence index in Turkiye drops 6.5% in June

The index is calculated from the results of the consumer tendency survey conducted by the Turkish Statistical Institute and the Central Bank of the Republic of Turkiye.

Turkish consumer confidence index has seen a decline, falling by 6.5 per cent from 91.1 in May to 85.1 in June, as per Turkish Statistical Institute.
Various sub-indices, including households’ current financial situation, 12-month financial expectations, general economic expectations, and spending expectations for durable goods, all experienced declines.

Various sub-indices contribute to the overall consumer confidence index, including the assessment of households’ current financial situation. In June, this sub-index declined from 70.6 to 69.1, marking a -2.2 per cent change. This followed a 2.2 per cent increase from the month prior.

Expectations regarding households’ financial situations over the forthcoming 12 months also saw a downturn. The index for this measure dropped from 94.0 in May to 85.8 in June, which amounts to a decline of -8.8 per cent. This shift was observed after a rise of 4.7 per cent was recorded in May, Turkish Statistical Institute said in a press release.

On a broader scale, the general economic expectations for the next year also took a hit. The index for this measure declined from 100.5 in May to 92.7 in June, a decrease of -7.8 per cent. The drop followed a notable increase of 5.7 per cent that was observed in the previous month.

Lastly, the sub-index reflecting the assessment of spending on durable goods over the next 12 months saw a decrease as well. From May’s 99.1, the index fell to 93.0 in June, registering a -6.2 per cent change. This was in stark contrast to the increase of 3.1 per cent that was observed in May.

Fibre2Fashion News Desk (KD)