Indexes
December 2017 | CCI: 2017 was a good year for Georgian consumers (and producers, too)!
31
December
2017
Georgian Consumer Confidence (CCI) continued to improve, albeit slightly, in December 2017. CCI added 0.5 index points over November 2017, and 8.7 index points y/y, which is compared to December 2016. Interestingly, people’s perceptions of the recent past and expectations diverged in December. CCI’s Present Situation sub-index went down by 2.3 points m/m, from -23.2 to -25.5), whereas the Expectations sub-index went up by 3.4 index points (from -13.4 to -10). However, both sub-indices ended the year ahead of their last year’s levels. The Present Situation sub-index demonstrated a rather modest improvement of only 4.3 index points (from -29.8 to -25.5). The Expectations sub-index added a very healthy 13.2 index points (from -23.2 to -10), betraying a sense of cautious optimism on the part of Georgian consumers.
TBILISI VS. REST-OF-GEORGIA
In November 2017, we observed a sharp divergence of Consumer Confidence among the residents of Tbilisi and everybody else. A month later, in the December 2017, we see both groups moving in the same (slightly positive) direction. In monthly terms, CCI added 0.4 and 0.7 index points in Tbilisi and Rest-of-Georgia, respectively. Compared to last year (December 2016), CCI added 12.1 index points in Tbilisi and 6.3 points in Rest-of-Georgia.
DECEMBER IS A TIME TO SPEND, NOT TO SAVE!
YOUNG VS. OLD
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As we can see in the above charts, people of all ages consider December to be the wrong time to save. Much fewer people provided a positive response to Question #10 in our survey: Is now the time to save? Clearly, in December, most Georgians are getting ready for New Year festivities and feasts, and are savoring the opportunity to go abroad on ski holidays.
Our data thus confirm what behavioral economists and psychologists have known for long: people attach much greater value to experiences that are close in time and often surrender to short-term temptations. This is the key reason why our plans to save for the future, or make healthier lifestyle choices, often fail. In December of each year, the long-sighted self (the “planner” who cares about saving for the future) completely surrenders to the short-sighted “doer” inside us.
MONTHLY AND YEARLY CHANGES IN THE CCI VARIABLES
BAR CHARTS: CONSUMER RESPONSES BY QUESTIONS
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September 2024 | Decrease in CCI
20
October
2024
A slowed rebound. The CCI fluctuated over the summer, reaching its highest value for the period in August before a decline in September. After the Index had recovered in June, the CCI experienced a slight downturn in July, from -16.7 index points to -18.5, reaching -15.4 points in August and falling to -19.5 in September.
June 2024 | Quick recovery of CCI
29
July
2024
Certain factors negatively influencing consumer sentiment in May failed to have a lasting effect. In June, consumers’ ability to save showed significant improvements, with those able to save a proportion of their income increasing from 2% to 25%.
May 2024 | A notable drop in CCI
08
July
2024
A sharp decrease in CCI. The declining trend that started in April continued in May, with the Consumer Confidence Index dropping by 9.5 index points – from -17.8 in April to -27.3 points in May. The decline was present in both CCI sub-indices, however, it was more prominent in the Present Situation Index. Namely, the Expectations Index declined by 5.5 index points, while the Present Situation Index decreased by 13.4 points.
April 2024 | The CCI is falling
01
May
2024
Decline in the CCI. After the Consumer Confidence Index rose in March, the trend once again reversed in April – with the CCI declining by 4 index points, from -13.8 in March to -17.8 in April. Both the Present Situation and the Expectations Index each decreased, however, the decline was more prominent for people’s expectations; the Present Situation Index decreased by 1.6 points, while the Expectations Index fell by 6.4 points.
March 2024 | Upheaval of the CCI
01
April
2024
Another rise in CCI. After the downward trends in January and February, the CCI increased by 3.9 index points, from -17.7 in February to -13.8 in March. Both the Expectations Index and the Current Situation Index moved upwards in tandem, increasing by 4 and 3.8 index points, respectively.
