Consumer confidence weakens in November, shows TÜİK data

ISTANBUL

Consumer morale deteriorated in November after improving in the previous three months, according to data from the Turkish Statistical Institute (TÜİK)

The consumer confidence index declined by 1 percent from October to 79.8, the statistics authority said on Nov. 21.

Any figure below the 100-mark indicates a pessimistic outlook.

The sub-index of the current financial situation of households rose 2.1 percent monthly in November, comparing favorably with the 0.2 percent in October.

Financial situation expectation of households over the next 12 months, which surged 6.1 percent last month, dropped 1.8 percent in November.

Consumers became more pessimistic about the general economic situation over the next 12 months with the respective sub-index declining 2 percent after rising 1.1 percent.

Another gauge showed that consumers are less likely to spend money on durable goods in the next 12 months.

Consumers’ expectations regarding the labor market and inflation also deteriorated in November, according to TÜİK survey.

The index is a vital gauge of the economy's overall performance, indicating public sentiments on financial standing and the general economic situation, along with spending and saving tendencies.