The consumer confidence indicator drops to minimum levels in 2013 in what is the first monthly survey of consumers carried out by INE covering a full month with the full impact of the economic and social effects of the pandemic COVID-19.
Consumer confidence drops to 2013 low levels
For now, consumers are more concerned with the country's economic development in the coming months than with the financial situation of their household, but they were pessimistic in all aspects.
O INE detaca:
The consumer confidence indicator registered the biggest decrease compared to the previous month of the series that started in September 1997, having reached the minimum value since May 2013.
All the series that make up the indicator, which are related to developments in the next twelve months, also registered the most significant decreases in the respective series, whereas in the case of expectations regarding the evolution of the country's economic situation and the realization of important purchases, the minimum values of these series were still reached in April.
Here are the two of the four components of the consumer confidence indicator that saw the most dramatic declines.
The month of April and one of the four months of the year where INE deepens the conjuncture analysis by collecting more indicators from consumers. It is worth retaining INE's prominence on these issues as well as the monthly ones. Given the uniqueness of the economic and social moment, here are the INE notes.
The consumer confidence indicator registered in April the greatest decrease in the series started in November 1997, reaching the minimum value since September 2014. This evolution resulted mainly from the tremendously negative contribution of expectations regarding the evolution of the country's economic situation, the situation household's financial burden and important purchases. In the same vein, but to a lesser extent, opinions regarding the past evolution of the household's financial situation also contributed negatively.
Economic situation of the country
The sre of opinions on the past evolution of the country's economic situation has decreased in the last five months, after having increased between August and November. In the same vein, expectations regarding the future evolution of the country's economic situation have worsened in the last five months, with the biggest deterioration since the beginning of the series and the minimum since December 2013.
Household financial situation
The balance of opinions on the evolution of the financial situation of the household decreased in the last two months, more significantly in April. The outlook for the evolution of the household's financial situation registered in April the greatest deterioration since the beginning of the series.
The appreciation of savings at the moment saw the greatest deterioration in April since the beginning of the series, after the slight recovery seen in the previous month. The balance of expectations regarding the future evolution of savings has decreased in the last three months, with the greatest decrease in the series having been recorded in April, after having reached in January the highest value since April 2002.
Making important purchases
After the increases observed in the first two months of the year, the sre of appraisals related to the realization of important purchases at the present time decreased in March and April, with the greatest decrease in the series being seen in the last month. The outlook for major purchases worsened for the fifth consecutive month, registering in April the biggest deterioration since the beginning of the series.
The balance of the outlook for the evolution of unemployment registered in April, the biggest increase since the beginning of the series, prolonging the ascending profile registered since July 2018 and reaching the highest value since December 2013.
The balance of opinions on price developments decreased in April, after having increased in the previous four months. In turn, the balance of expectations on price developments increased in the first four months of the year, registering in April the greatest increase in the series and reaching the highest value since April 2013.
The balance of the prospects for purchase or construction of housing decreased slightly in April, after having increased slightly in January.
Expectations of major spending on housing improvements worsened significantly in April, resuming the negative profile recorded since July 2018. The balance of car purchase expectations decreased in April, contrary to the increases seen in the previous three quarters .