Sri Lanka Consumer Confidence: Consumer confidence drops back in December, following the November gains
The Institute for Health Policy (IHP) released today the December 2022 update of its Consumer Confidence Indices, which are generated from its Sri Lanka Opinion Tracker Survey (SLOTS).
The Index of Consumer Sentiment (ICS) decreased 4 points to 16 points in December 2022, after a significant improvement in the previous month. The ICS is the broadest measure of the public's views of their personal economic status and the national economy which ranges from zero to a potential maximum 100.
The fall in overall consumer confidence was driven by declines in expectations about the future, with the Index of Consumer Expectations (ICE), a measure of perceptions of the future, decreasing 7 points to 22 points, whilst the Index of Current Conditions (ICC), a measure of perceptions about current conditions increased 1 point. The decline in future expectations was broad-based, with declines in assessments of both the country and personal situations, as well as short term and longer-term prospects.
Despite a slight improvement in buying conditions, views about current buying conditions remains at very low levels (below 10 points), suggesting consumer demand for large purchases will remain subdued.