Consumer Confidence Survey

Consumer confidence declines markedly in December 2017.

The Banque centrale du Luxembourg’s consumer confidence indicator has declined markedly in December 2017 following three consecutive increases.

All the components of the indicator have evolved unfavourably this month, with the exception of the one related to unemployment.

In December, households’ concerns about unemployment in Luxembourg have continued to decrease, whereas households have markedly revised down their expectations about both the general economic situation in Luxembourg and their personal financial situation. Households have strongly revised down their expectations about their personal capacity to save. In total, the consumer confidence indicator, which is the arithmetic mean of the four components[1], has declined markedly in December 2017.

The results are presented in the table below: 

			Expectations over the next 12 months
		Consumer confidence indicator	General economic situation in Luxembourg	Unemployment in Luxembourg	Financial situation of households	Savings of households
2015	December	5	-6	13	-1	41
2016	January	5	-3	11	0	35
	February	7	-5	11	1	45
	March	9	-4	8	5	44
	April	8	-4	3	3	34
	May	8	-3	8	2	42
	June	10	-3	7	2	46
	July	7	-3	11	1	41
	August	10	-4	5	5	45
	September	5	-5	10	1	35
	October	6	-3	10	7	31
	November	11	2	3	5	40
	December	14	4	3	5	50
2017	January	10	1	6	4	41
	February	10	1	3	3	38
	March	16	3	-4	8	49
	April	15	6	-1	3	49
	May	17	7	-8	2	49
	June	13	3	0	3	47
	July	13	6	1	3	45
	August	12	4	2	2	45
	September	14	8	4	7	45
	October	17	11	-3	2	50
	November	19	13	-4	6	54
	December	15	8	-5	3	45

Note: The consumer confidence indicator results from the average of balances related to consumers’ expectations of (1) the general economic situation and (2) unemployment (inverted sign) in Luxembourg, of (3) their financial situation and (4) their future savings. Balances are constructed as the difference between the percentages of respondents giving positive and negative replies. In terms of unemployment, a positive reply means an unfavourable development in the labour market.

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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