In an unexpected turn of events, Turkey's Consumer Confidence Indicator has significantly decreased over the past month, according to the latest data from the Thomson Reuters IPSOS Primary Consumer Sentiment Index (PCSI). As of September 2024, the indicator has dropped to 30.8, down from 36.4 in August 2024. The data was updated on September 12, 2024.
This considerable decline reflects growing concerns among Turkish consumers regarding economic conditions. Analysts have pointed to various potential factors contributing to this trend, including heightened inflation rates, volatile currency movements, and ongoing geopolitical tensions that have impacted consumer sentiment and economic stability.
Such a sharp decline in consumer confidence suggests that the economic outlook for Turkey remains challenging, with consumers feeling increasingly uncertain about the future. Stakeholders and policymakers will be closely monitoring these developments as they consider measures to restore confidence and stabilize the economy.
