Austria Consumer Confidence July 2022

Consumer confidence fell to minus 33.0 in July from June’s minus 24.0. July’s result marked the weakest sentiment on record. As a result, the index indicating sustained among consumers.

The deterioration was driven by worsening views on households’ financial situation and the general economic climate over the past 12 months and in the year ahead. The war in Ukraine has fueled inflation, which is weighing heavily on sentiment levels. Moreover, consumers view their current financial situation less favorably and they are less inclined to purchase big-ticket items over the next 12 months.

FocusEconomics Consensus Forecast panelists foresee private consumption growing 3.5% in 2022, which is down 0.2 percentage points from last month’s forecast. For 2023, panelists see private consumption rising 1.7%.

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