Consumer confidence worsens in Oct - GKI

Analysis

Photo by AlexLMX / Shutterstock.com

Economic research institute GKIʼs gauge of consumer confidence slipped to -34.2 points in October from -31.1 points in September, falling for the third month in a row after three consecutive months of improvement following a pandemic plunge in April, according to a report by state news wire MTI.

Photo by AlexLMX / Shutterstock.com

The index recovered only about 40% of the ground lost in April and the trend is deteriorating.

In October, consumersʼ assessments of their financial situation were worse than in September.

Unemployment fears are growing again, in fact, at a faster rate than earlier.

Consumersʼ views on their future ability to make savings slightly improved.

Their outlook for the economy as a whole worsened. By August, this sub-index recovered almost 75% of the ground lost in April but this ratio dropped to 50% by October.

Inflation expectations strengthened, but peopleʼs expectations of their ability to make big-ticket purchases improved.

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