Consumer confidence drops in February – 02/23/2023 – Panel SA

The consumer confidence index monitored by the ACSP (Commercial Association of São Paulo) fell by around 2% in February compared to January.

Despite the monthly retreat, the result remains in the optimistic field (above 100), with 106 points in the month.

According to the survey, which will be released this Friday (24), the biggest drops in confidence appear in the North (-6%) and in the Midwest (-5%).

On the other hand, the Northeast was the only region with positive variation in the index (1%).

Also according to the ACSP, respondents reported less interest in acquiring real estate and durable goods such as cars, stoves and refrigerators.

For ACSP economist Ulisses Ruiz de Gamboa, this is not yet a reversal in the trend of confidence growth since May 2021. But the survey points to pessimism in the perception of respondents regarding the current financial situation and job security.

According to Gamboa, progress will depend on economic performance. “This performance will be positively affected by the determination of a fiscal rule with credibility to allow the reduction of inflation expectations and, therefore, of the basic interest rate”, she says in a note.

Compared to February last year, when the country was facing the effects of omicron, monitoring points to a 19% growth in consumer confidence.

The survey, carried out by the research company PiniOn at the request of ACSP, with 1,700 families, covers the perception of the current and future economic scenario, the perception of employment and the willingness to acquire goods.

Joana Cunha with Paulo Ricardo Martins It is Diego Felix

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