At -26 the consumer confidence indicator in November stands far below its long-term average over the past two decades (-7). The indicator reached an all-time high (36) in January 2000 and an all-time low (-41) in March 2013.
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Economic sentiment less negative
Consumers’ sentiment about the general economic situation has improved in November. This component indicator stands at -53, up from -61. Consumers are mainly less pessimistic about the economic situation in the next twelve months. Opinions on the economic situation over the past twelve months were also less negative.
Willingness to buy improved
Consumer’ willingness to buy stands at -7, up from -9 in October. Consumers are more optimistic about their financial situation for the next twelve months. Furthermore, they find the time for large purchases less unfavourable. Opinions of consumers about the financial situation over the past twelve months remained the same.
Coronavirus has had a significant impact on consumer confidence. In order to arrive at proper series estimates in terms of level and seasonal influences, CBS has made some adjustments to its time series model. This could have resulted in slightly reduced accuracy of the data.