Austria Consumer Confidence August 2022

Austria

Austria: Consumer confidence picks up but remains in negative territory in August

September 15, 2022

Consumer confidence rose to minus 31.0 in August from July's minus 33.0. However, the index remained entrenched in deeply pessimistic territory.

The headline improvement was driven by less downbeat views on households’ financial situation in the past and next 12 month, as well as less pessimistic attitudes towards the economic situation in the same time frames. However, consumers were less likely to make major purchases at present, and more inclined to save at present and over the next 12 months.

Analysts at the EIU added:

“A cut in Russian gas supplies to Germany through the Nord Stream 1 pipeline has implications for Austria, as some of this gas is re-exported to Austria. Energy rationing in Austria is not our baseline forecast, but it is a high-possibility, high-impact scenario. These concerns will raise gas prices (and inflation) and dampen already weak household and business confidence. Private consumption will stall […].”

FocusEconomics Consensus Forecast panelists foresee private consumption growing 3.1% in 2022, which is unchanged from last month’s forecast. For 2023, panelists see private consumption rising 1.3%.


Author:, Economist

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Austria Consumer Confidence August 2022

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


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