Despite persisting in negative territory, the overall consumer sentiment improved slightly in November 2020, based on a research conducted by a leading business consultancy firm EMCS, on behalf of the European Commission. This report is based on a monthly telephone survey based on 1000 responses from the general population using a random sample.
The EMCS Consumer Confidence Index (CCI) reading improved slightly to -1.5 in November 2020 from -3.5 in October 2020. The Maltese response to the notably favourable developments in relation to the budget, even though this year has been marked by a global crisis challenge. One may also assume that maybe people’s fears of COVID-19 lessened, even though Malta’s active cases have reached more than 2,100 during the writing of this article.
Detailed findings from the survey questions are:
- The measure of people’s assessment of their financial situation over the past 12 months was less negative at -11.12 from -17.22 in October. In terms of their future expectations of personal finances, it transpires that respondents in general were slightly more optimistic with the sub-index rising to +1.57 from +0.97.
- The respondents’ perception of the general economic perception for the previous 12 months has improved in November 2020, though it still lies very low at -25.96 in November from -31.95 in October. On the contrary, respondents indicated that they expect the general economic outlook for the next 12 months to deteriorate more when compared to the previous month’s results.
- The balance of respondents expecting their ability to save to ameliorate in the next twelve months improved marginally though the balance of respondents who expect to spend on major purchases remained in negative territory and did not change by much.
- Respondents indicated that their 12 months outlook in terms of unemployment is better when compared to October 2020.
On balance, the relatively more pessimistic respondents were females, those aged between 30 to 49, those who have completed up to secondary education, and those households who earn less than €10,500 annually.
Malta’s index, which stood at -1.5 and is above the Euro area (-17.6) and EU (-18.7).
It is important to point out that the survey requests the respondents’ perception of the current situation. However, the actual situation may differ from this perception.
Should you require more information on the consumer sentiment survey, email email@example.com or phone 27772777.