Consumer confidence in Spain stood at 49.5 points in September, down 0.4 points compared to the previous month, according to media reports.
Distribución Actualidad reported that this is the second consecutive month in which the Consumer Confidence Index (CCI) has remained below 50 points, the report added.
On a year-on-year basis, consumer confidence fell by 31.2 points in September 2020, with the 'current situation' indicator losing 47.5 points and the 'expectations' indicator down by 14.9 points.
Since February of this year, consumer confidence in the country has dropped by 42.3%, with the current situation index declining by 61.5% and the expectations index by 26.9%, the report said.
The Study
The CCI conducts a monthly assessment of recent developments and expectations of Spanish consumers related to family economy and employment to forecast consumption decisions.
The value of the indicator ranges between 0 and 200, with scores below 100 perceived as negative.
For the September indicator, the CIS (Centro de Investigaciones Sociológicas) conducted the telephone fieldwork for the study, which included 3,000 participants.
Assessment For September 2o2o
The current situation indicator for September dropped to 29.2 points due to a 0.7 point drop in consumers' assessment of current economic developments, as well as a 1.5 point decline in the assessment of the labour market in light of the COVID-19 pandemic.
However, the assessment of household conditions increased by 0.7 points in this period, the study noted.
In terms of the components of the expectations indicator, the assessment of economic development in the immediate future (-2.7 points) and the labour market (-1.9 points) saw the largest decline.
Elsewhere, the indicator for expectations of household conditions was up by 3.4 points.
Consumption expectations in September dropped by 4.1 points compared with August, which saw a smaller decline of two-tenths of a point in savings expectation.
The fear of inflation increased by 1.2 points, while anticipation of future interest rate increases rose by 4.7 points in September, the study noted.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
