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SLOTS Consumer Confidence Survey 2022-02 |
Consumer Confidence Collapses despite Waning Omicron Wave as Economic Disruption Hits |
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Rannan-Eliya R P., Selvaratnam A., Dananjana T., Wisidagama N., Kapuge Y., Weerawardena N.
29 Mar 2022
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Abstract:The survey shows that the ending of lockdown in October 2021 failed to lift consumer confidence substantially or deliver a sustained improvement in consumer confidence. Consumer confidence remained low from late-October through to January 2022.
The main measure of sentiment-the Index of Consumer Sentiment (ICS)- fluctuated in the range of 30 to 45 during this time, indicating that consumer optimism was extremely low by both global and Sri Lankan historical standards. This reflects a huge reversal in public optimism, with 71% of Sri Lankans expecting the country's economy to be worse in a year's time compared with 53% just prior to the 2019 Presidential Election who expected the country's economy to be better the following year.
Consumer confidence has effectively decoupled from changes in COVID-19 infections with anxiety about COVID-19 largely resistant to recent new waves. The main driver of gloom now appears to be the experience of most Sri Lankans of declining work incomes, with almost two thirds identifying reduced customer demand and supply and transportation disruptions as being major reasons for their loss in income during the previous month. |
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