After deteriorating in September 2023, the Central Bank of Luxembourg’s consumer confidence indicator stabilised in October, the BCL announced in a press release on 3 November. It was -17 in September and -17 in October.
Households upgraded their expectations regarding Luxembourg’s general economic situation (from -25 in September to -20 in October), as well as their intentions in terms of major purchases (from -27 in September to -26 in October).
However, households were less confident about how they perceived their financial situation and expectations for their future personal financial situation--both components of the indicator were revised downwards, said the BCL.
The BCL’s consumer confidence indicator is the arithmetic mean of four seasonally adjusted components: expectations for the general economic situation in Luxembourg, perception of households’ financial situation over the past 12 months, expected financial situation of households over the next 12 months and intended spending on major purchases.
The figures for the individual components are constructed as the difference between the percentage of survey respondents who give positive replies and those who give negative replies, noted the BCL.