Consumer confidence in November was 76.6 compared to 76.2 in October. The November result was the strongest sentiment since October 2021. Despite the rise, the index remained below the 100th threshold, indicating pessimism among consumers.
The overall improvement was due to less pessimistic views on the current financial situation of households and the overall economic situation in the coming year. At the same time, households’ views on their future financial situation and large purchases have deteriorated.
FocusEconomics Consensus Forecast experts predict that private consumption will grow by 1.6% in 2023, which is 0.3 percentage points lower than last month’s forecast. According to our panel, household spending will increase by 2.0% in 2024.