Austria Consumer Confidence October 2020

Austria

Austria: Consumer confidence deteriorates in October

October 30, 2020

Consumer confidence ticked down to reach minus 12 in October, from minus 7 in September, marking the lowest level since May. The index remains deep below the neutral zero-threshold which separates optimism from pessimism among consumers. The downturn was likely driven in part by the second wave of Covid-19 and renewed restrictions, and bodes poorly for private consumption at the outset of Q4.

The downturn was driven by households’ gloomier perspectives on their financial situation and the general economic situation for both the past and next 12 months. Moreover, expectations regarding the labor market deteriorated significantly.

FocusEconomics Consensus Forecast panelists foresee private consumption growing 4.9% in 2021, which is down 0.1 percentage points from last month’s forecast. For 2022, panelists see private consumption rising 2.9%.


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Austria Consumer Confidence October 20 20

Note: Ipsos Austria Consumer Confidence Index. The 0-point threshold separates optimistic from pessimistic sentiment.
Source: Ipsos Austria.


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