In November 2024, the Consumer Confidence Index (BWUK) dropped by 1.3 percentage points month-on-month, reaching minus 17.1 points, according to research conducted by the Central Statistical Office.
The sentiment indicator is a soft index, not as precisely defined as, for example, the export index.
It is possible that consumer sentiment is deteriorating due to uncertainties surrounding factors like inflation, which has suddenly surged.
Consumer sentiment is also declining due to the rise in business bankruptcies. The large number of bankruptcies (over 400,000) undoubtedly affects consumer moods. Thus, this weakening will likely persist for some time, says Professor Stanisława Gomułka, Chief Economist at BCC.
Among the components of the index, the most significant deterioration was seen in assessments of the country’s future economic situation and the current economic situation (down 3.2 and 2.1 percentage points, respectively). Lower values were also recorded for assessments of current purchasing conditions and the future financial situation of households (down 1.1 and 0.4 percentage points, respectively). The only component that saw an increase compared to the previous month was the assessment of the current financial situation of households (up 0.4 percentage points), as reported by the GUS.
Compared to November 2023, the current BWUK value is lower by 2.0 percentage points.
