With a headline figure of -34, the consumer confidence indicator for March is positioned well below its long-term average for the previous twenty years (-10). The indicator reached its all-time high (36) in January 2000, while the all-time low (-59) was reached in September and October 2022. Since April 1986, CBS has monitored consumer confidence every month, based on the consumer survey. Consumer confidence is assessed using five questions, where the balance of positive and negative responses is taken from each question. If all consumers are positive, the balance is 100. If all consumers are negative, the balance is -100.

Consumers more pessimistic about the economy

Consumers were more pessimistic about the economy in February than they were in January. This component of the indicator fell to -57, compared to -54 in February. Consumers’ assessment of the economic situation for the next twelve months has deteriorated, in particular. But also the assessment of economic situation over the previous twelve months was slightly more negative.

Willingness to buy also more negative

Willingness to buy among consumers stood at -18 in March, down from -17 in February. Consumers’ opinions on both their personal financial situation over the past twelve months and their assessment of the next twelve months were more negative. Consumers were also more negative about making large purchases in March than they were in February.