Consumer confidence survey

Consumer confidence continues to rise in November 2022.

The Banque centrale du Luxembourg’s consumer confidence indicator has risen above the level recorded in August.

All the components of the indicator have evolved favourably this month, with the exception of that related to households’ intentions in terms of major purchases, which has deteriorated. In November, households’ perceptions regarding their personal financial situation as well as their expectations regarding the general economic situation in Luxembourg have improved. In the meantime, households have considerably revised upwards their expectations regarding their personal financial situation.

In total, the consumer confidence indicator, which is the arithmetic mean of the four components[1] continued to rise in November 2022.

The results are presented in the table below:

		Consumer confidence indicator	Expected general economic situation in Luxembourg	Perception of financial situation of households	Expected financial situation of households	Intended spending on major purchases
2020	November	-13	-35	2	-1	-17
	December	-11	-22	-5	0	-15
2021	January	-7	-14	2	0	-17
	February	-9	-21	0	0	-15
	March	-7	-8	-5	-1	-13
	April	-3	-3	-3	2	-7
	May	0	11	-2	2	-12
	June	2	19	-2	1	-12
	July	-3	9	-5	1	-18
	August	-2	5	0	1	-12
	September	-2	8	-2	2	-16
	October	-4	8	-5	-3	-15
	November	-8	-5	-7	-8	-10
	December	-7	-9	-5	-3	-13
2022	January	-7	-6	-1	-4	-19
	February	-7	-3	-9	-7	-10
	March	-24	-45	-12	-18	-21
	April	-22	-34	-17	-18	-19
	May	-21	-32	-16	-16	-20
	June	-22	-36	-16	-18	-20
	July	-23	-42	-15	-17	-18
	August	-26	-41	-20	-17	-27
	September	-30	-46	-17	-30	-25
	October	-27	-41	-17	-25	-25
	November	-25	-40	-14	-13	-31

Note: The consumer confidence indicator results from the average of balances related to (1) consumers’ expectations of the general economic situation in Luxembourg; (2) the perception of their financial situation over the past 12 months; (3) their expected financial situation over the next 12 months; and (4) their intended spending on major purchases (furniture, electrical devices…). Balances are constructed as the difference between the percentages of respondents giving positive and negative replies.

[1] The four components of the consumer confidence indicator are seasonally adjusted.

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