Consumer Confidence Dropped 3.2 Points in November

Data from the latest Consumer Confidence Index published on Wednesday by the Sociological Research Centre (CIS), shows that consumer confidence in Spain fell by 3.2 points in November, in relation to the previous month, to stand at 83.6 points, due to the poor rating given by consumers on both the current situation and future expectations.

With the drop in this indicator, accumulating two consecutive months of declines, consumer confidence has returned to levels lower than that registered in May, when it stood at 84.9 points.

Overall, 47.2% of those surveyed felt that the current economic situation is worse than six months ago, while 34.1% didn’t think anything had changed, and 17.2% considered that the situation has improved.

With regard to the forecast for the next six months, 29.3% of respondents were confident that the economy will improve, compared with 36.7% who predicted it will worsen and 28.5% who expect no changes.

Over 1,500 persons were surveyed for the November Consumer Confidence Index, 16.6% of which said that there are now more people unemployed in their environment than six months ago, and 46.1% thought that the job situation in Spain is worse than six months ago, while 37.5% believed that the situation has not changed and 13.4% felt it has improved.

When asked to consider what the employment situation will be in the next six months, 34.4% of those surveyed think the situation will worsen, 31% believe it will improve, and 27.1% predict it will remain the same.

95.4% of those interviewed said they had no intention of buying a home next year, and only 3.9% said they plan to purchase one. 51.5% of the respondents believe that the price of housing will remain stable next year, while 19.5% believe it will continue to fall.

The Consumer Confidence Index collates and publishes monthly assessments of recent developments and the expectations of Spanish consumers in relation to the family economy and employment, in order to anticipate their consumption decisions. The indicator gives values between 0 and 200, considering that over 100 the perception is positive and below, negative.

However, El Economista reported that, in comparison with the data of the same month of last year, the CIS have noted “significant” progress, with the increase in consumer confidence reaching 11.3 points, with notable gains in absolute terms for the ratings on the current situation (+16.8 points) and expectations (+5.8 points). In percentage terms, the Consumer Confidence Index has risen by 13.5% since November 2013, as a result of 23.6% growth in the assessment of the current situation and a 6% growth in expectations.