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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February 2024 | Downward trend continues
31
March
2024
CCI declines further. After a small decline in the Consumer Confidence Index in January, the downward trend continued further in February – the CCI dropped from -15.5 in January to -17.7 in February (by 2.2 index points). On this occasion, the two sub-indices diverged in different directions
January 2024 | A setback in CCI
18
February
2024
A slight trend reversal in the CCI. After a rise in the Consumer Confidence Index (CCI) in December, January saw a small decline – from -14.1 in December to -15.5 in January, dropping by 1.4 index points. This fall is evident in both sub-indices – the Present Situation Index declined by 0.9 points and the Expectations Index by 2 points.
December 2023 | Jump in the CCI
21
January
2024
CCI sees improvement. The Consumer Confidence Index has experienced a significant positive shift, increasing by 6 index points – from -20.1 in November to -14.1 in December. Both the Present Situation Index and the Expectations Index contributed to this notable increase; however, the predominant factor was the rise in expectations (the Present Situation Index rose by 4.7 points and the Expectations Index by 7.4).
November 2023 | CCI declines
04
December
2023
The upward trend reversed. The Consumer Confidence Index lost its rising trend and fell by 3.7 index points, moving from -16.4 in October to -20.1 in November. Both the Present Situation Index and the Expectations Index contributed to this decline, with the Present Situation Index declining by 5 index points, while the Expectations Index decreased by 2.4 points.
October 2023 | A further increase in the CCI
16
November
2023
The upward trend continues. The Consumer Confidence Index experienced further growth of 3.1 index points – from -19.5 in September to -16.4 in October. This time, the Present Situation Index led the increase by shifting upwards 5.5 points, while the Expectations Index rose more moderately, by 0.5 points.
