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Consumer confidence on the rise

Analysis

Consumer confidence index increased in June, however, people are still very careful with spending, a joint research of Corvinus University and research institute GfK on Consumer Confidence Index revealed.

Consumer confidence index increased in June, however, people are still very careful with spending, a joint research of Corvinus University and research institute GfK on Consumer Confidence Index revealed.

The downward trend of the Consumer Confidence Index stopped and the index started to grow in June 2011.

Although Hungarians trust more than earlier in the short-term improvement of the economy, consumers’ willingness to purchase is still at critically low levels, after seeing a slight raise in the second quarter of the year. The index, though, is highly dependent on the further development of the macroeconomic situation, the study noted.

In terms of inflation, Hungarians are more optimistic than earlier, although 76% of those queried are still expecting prices to rise and spend carefully.

While Europeans plan their shopping carefully in advance and go to the store to keep their household stocked, Hungarians buy on impulse, and go shopping when they run out of or need something at home. Impulse shopping is supported by shop’s relatively long opening hours during the week and at weekends, the study pointed out.

Hungarian’s expectations are in line with European tendencies, data from the study shows. Despite the fact that most countries weathered the worst spells of the crisis, and finally saw better economic indexes in the second quarter, people are still faced with its financial and economic consequences.

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