Consumer confidence survey

Consumer confidence declines sharply in November 2024.

 

The Banque centrale du Luxembourg’s consumer confidence indicator has declined sharply in November 2024.

All the components of the indicator have evolved unfavourably this month, albeit to varying degrees. In November, households lowered their expectations regarding the general economic situation in Luxembourg very significantly, while they lowered those regarding their own future personal financial situation only moderately. In the meantime, households’ perceptions regarding their past financial situation have deteriorated notably again while their intentions in terms of major purchases only fell slightly.

In total, the consumer confidence indicator, which is the arithmetic mean of the four components[1], has declined sharply in November.

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
2022	November	-24	-37	-14	-13	-30
	December	-20	-27	-16	-16	-20
2023	January	-16	-23	-14	-8	-20
	February	-16	-18	-17	-5	-26
	March	-13	-17	-13	-4	-19
	April	-18	-22	-17	-6	-28
	May	-16	-24	-13	-4	-23
	June	-14	-17	-14	-4	-19
	July	-18	-19	-18	-5	-30
	August	-14	-23	-8	-2	-23
	September	-17	-25	-11	-4	-27
	October	-17	-18	-18	-7	-26
	November	-15	-14	-10	-6	-32
	December	-13	-10	-9	-4	-29
2024	January	-12	-18	-7	-4	-20
	February	-13	-20	-14	-5	-11
	March	-10	-16	-5	2	-21
	April	-9	-8	-6	2	-24
	May	-11	-15	-5	-2	-21
	June	-10	-13	-11	2	-16
	July	-13	-13	-10	-5	-26
	August	-13	-13	-3	-4	-31
	September	-10	-11	-5	-2	-20
	October	-9	-6	-9	1	-24
	November	-14	-16	-13	-1	-25

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.

 

This survey is co-financed by the European Commission.

 

 

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

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