November 2022 | CCI: Consumer confidence remains low
20 December 2022

Minor shifts in CCI. The Consumer Confidence Index decreased from -28.3 in October to -28.6 in November (a 0.3 index point decline). The sub-indices shifted marginally in different directions; the Present Situation Index rose by 0.2 index points, while the Expectations Index fell by 0.2 points.

Although overall consumer confidence remained almost at the same level, various indicators changed their direction. Consumers’ expectations about their personal financial situations decreased by 7 points. This is likely due to the recent increase in prices within major consumption basket categories. Expectations on future price changes also declined (8 points), as more people now feel unsure whether the inflationary trend will stabilize in the near future. Another decline can be seen in sentiment about future employment levels, which increased rather unexpectedly in September but fell in November (by 7 points). On a positive note, expectations relating to major purchases increased by 9 points. This might be attributable to the effect of Black Friday, when consumers are highly prone to shopping in response to the many sales on offer.

In November, the sentiment of Tbilisians and of individuals in the regions diverged. For Tbilisians, it improved by 1.8 points, while it fell by 3.1 points across the rest of Georgia. In Tbilisi, increased expectations about making major household purchases had a significant impact on lifting local sentiment (an 18-point increase). As for residents in rest of Georgia, the major concern relates to further price increases (a 13-point decrease).

BAR CHARTS: Consumer Responses by Questions