Turkey: Consumer sentiment deteriorates in November
Sentiment among consumers continued to worsen in November, with the consumer confidence index dropping to 71.1 from 76.8 in October. The reading marked the lowest print on record and was likely influenced by continued currency depreciation and rising price pressures. Moreover, the index moved further south of the neutral 100-threshold that separates pessimism from optimism among Turkish consumers.
The headline deterioration reflected worsening views on the financial situation of households at present and in the next 12 months, while the assessment of the general economic situation in the country over the next year also worsened. Consequently, consumers’ probability of spending decreased. Simultaneously, the probability of saving over the next 12 months inched up.