A regular three-monthly poll by the National Statistical Institute (NSI) has found that consumer confidence in Bulgaria in October 2024 was down compared with July.
This is a reverse of the the trend that had seen seven consecutive three-monthly polls finding increases in consumer confidence.
In October 2024, the total consumer confidence indicator decreased by 3.8 percentage points in comparison with July, because of decreased confidence among both urban and rural inhabitants, by 3.3 and five percentage points, respectively, the NSI said on November 7.
Consumers’ total assessment of the development of the economic situation in the country over the past 12 months remains substantially unchanged compared to the previous poll, the NSI said.
However, the poll found a certain pessimism in their forecasts for the next 12 months, as a result of which the balance indicator decreased by 3.3 percentage points.
Concerning the changes that occurred in the financial situation of households over the past 12 months, consumers’ assessments are more unfavourable in comparison with three months earlier, as their expectations about the next 12 months have worsened.
Regarding the unemployment in the country over the next 12 months, pessimism has increased, with opinions of both the urban and rural population shifting towards more negative expectations.
Most consumers continue to consider that over the past 12 months, there has been an increase in consumer prices.
However, their inflation expectations for the coming 12 months are more moderate compared with July
The poll found a downturn in consumers’ intentions of making major purchases of durable goods over the coming 12 months.
Their attitude regarding intentions to spend on “buying or building a home (villa)” and “home improvements” over the next 12 months are also negative, the NSI said.