Austria: Consumer confidence wanes in November
November 29, 2012
In November, the Fessel-GfK consumer confidence indicator inched down to minus 11 points, from minus 10 points in October, which had represented the first improvement in four months. Consequently, the index fell further below the 0-point threshold, which indicates that pessimists outnumber optimists. According to the survey, although consumers were somewhat less pessimistic about both the current economic situation and future economic prospects, households were less upbeat about both their current financial standing as well as their future financial prospects for the next 12 months. In addition, consumers reported more pessimism regarding future job prospects. Consequently, households' willingness to buy big-ticket items in the next 12 months dropped compared to the previous month.
Author: Ricardo Aceves, Senior Economist