CCI jumps back. After a sharp decrease in May, the CCI has reverted upwards by 10.6 index points, increasing from -27.3 in May to -16.7 in June. Both the Present Situation Index and the Expectations Index also rose – by 12 and 9 index points, respectively.

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%. Furthermore, more respondents believe that they will be able to make savings during the upcoming year, where the share of respondents with such a sentiment rose from 20% to 31%. This might indicate that the increase in expenses in May did not play a significant role in consumers’ financial situations in June.

Another indicator that recovered in comparison to the previous month is the outlook regarding the country’s upcoming economic situation. The share of respondents thinking it will become somewhat worse fell from 54% to 44%, while those who believe things will get better increased from 9% to 22%. One possible reason for this uplift in sentiment, after the political and civil society tensions in May, could be due to the Georgian national football team’s unexpectedly strong performance in the UEFA European Football Championship in June – which was widely celebrated throughout the country, possibly translating into a comparatively more optimistic view of the future.

Tbilisi vs. the regions. The uplift in sentiment was shared throughout Georgia, with an increase of approximately 10 index points for both Tbilisians and residents in the regions. However, it is worth noting that the notable drop in consumer sentiment among Tbilisans in May has not been completely restored yet, as the previous decline was strongly felt in the capital.

Note: Starting in July, the CCI underwent minor shifts in methodology. Specifically, the questionnaire was slightly modified, in terms of how questions were formulated when conducting a survey.