Optimism picks up in Q4 — poll
Improvement in confidence among consumers is attributed to their expectations of more available jobs, additional income and good governance.
Daily TribuneImprovement in confidence among consumers is attributed to their expectations of more available jobs, additional income and good governance.
Consumer confidence has turned optimistic for the final quarter and the next 12 months. | Graph courtesy of BSP
Despite the dour outlook in the consumer expectations survey of the Bangko Sentral ng Pilipinas, respondents have shown higher confidence for the final quarter and the next 12 months.
Confidence incidences for the final three months increased to 13.4 percent from 11.2 percent and 33.4 percent from 32.4 percent, respectively.
The improvement in confidence among consumers is attributed to their expectations of more available jobs, additional income, good governance, effective government policies and programs by the new administration on agriculture, education, and economic recovery from Covid-19, and the provision of pension and financial assistance.
Confidence low in Q3
The more pessimistic consumer outlook in the third quarter was reflected across the three component indicators of consumer confidence, with the family financial situation recording the lowest index number, followed by economic condition and family income.
Meanwhile, an improved consumer confidence for the next quarter was observed across the three component indicators.
For the next 12 months, the sentiment was mixed: more optimistic for the country's economic condition, less optimistic for the family's financial situation, and steady for family income.
The survey also showed that consistent with the national trend, consumer confidence across all income groups weakened in the current quarter.
Covid worries linger
High-income consumers were worried about the continuing public health risk posed by the Covid-19 pandemic and its possible adverse impact on the economy.
