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Sri Lanka’s consumer confidence remained largely unchanged in May

24 Jun 2024 - {{hitsCtrl.values.hits}}      

Sri Lanka’s consumer confidence remained largely unchanged in May. It stands slightly below the peak levels in March, but with a sizeable uptick towards late May, according to a report from the Institute for Health Policy (IHP).

The Index of Consumer Sentiment (ICS), the broadest measure of the public’s view of their personal economic status and the national economy was down by 1 point to 29points in May.

The Index of Current Conditions (ICC), a measure of perceptions of current conditions, decreased by two points to 24 points in the month. However, the Index of Consumer Expectations (ICE), which tracks future perceptions rose by one point to 33 points.

However, all these three indicators showed a rising trend towards the latter part of May.  Despite this, all three indices remain at pessimistic levels.

The IHP’s Consumer Confidence indices, derived from its Sri Lanka Opinion Tracker Survey, all hit new peaks in March. However, there has been no improvement since late March, with a  marginal drop in Consumer Confidence indices.

IHP Consumer Confidence indices range from zero to a potential maximum of 100, with levels below  50 indicating net pessimism. They follow the same methodology commonly used in the United States and Europe, with data collected by telephone interviews. These estimates are based on 16,862 interviews conducted between Oct. 21, 2021–Jun. 7, 2024, including 503 interviews conducted in May 2024, with sample sizes varying between indices depending on response rates and responses weighted to match the national population.