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Turkey Consumer Confidence February 2022

Turkey: Consumer sentiment worsens in February

Consumer sentiment fell to 71.2 in February from January’s 73.2. As such, the index moved further below the neutral 100-threshold that separates pessimism from optimism among Turkish consumers.

The headline deterioration was broad-based, with pessimism intensifying regarding the financial situation of households at present and in the next 12 months, as well as the general economic situation in the year ahead. Furthermore, the probability of purchasing big-ticket items decreased, likely influenced by renewed currency volatility.

Analysts at Fitch Solutions added:

“We forecast real household spending in Turkey to grow by 3.5% over 2022, down from the high base of 8.5% in 2021 as favourable base effects wear off. Consumer confidence declined steadily over H2 2021 as households battled double-digit inflation and a sharply devalued lira. […] In line with faltering confidence on the part of consumers, retail sales growth—which largely reflected the effects of the high consumer price inflation—began to drop off. As inflation is expected to be even higher in 2022, this does not bode well for real household spending growth over the year.”

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