Turkish consumer confidence hits 18-month high in December

The consumer confidence index climbed to its top in the last 18 months by December, the Turkish Statistical Institute (TurkStat) reported on Friday.

The consumer confidence index increased by 1.9% month-on-month to 81.3 points, reversing a 1% decline from November, according to TurkStat.

Key highlights from the data include:

• Household financial expectations: The sub-index measuring expectations for household financial situations over the next 12 months increased by 4%.
• General economic expectations: Expectations for the general economic situation during the same period rose by 1.6%.
• Durable goods spending: The index tracking spending on durable goods for the next 12 months surged by 4.1%.
• Current financial situation: In contrast, the index reflecting households’ current financial situation dropped by 3.5% compared to November.

The consumer confidence index is a critical indicator of economic performance, capturing public sentiment on financial standing, the overall economic outlook, and spending and saving tendencies.