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Consumer confidence in Sri Lanka shows incremental improvement in February

March 14, Colombo (LNW): In February, consumer confidence in Sri Lanka experienced a modest uptick, driven primarily by a resurgence in public expectations regarding the country’s future trajectory over the next 12 months, alongside an improvement in perceived buying conditions.

Data released by the Institute for Health Policy (IHP) revealed positive shifts across all three of its Consumer Confidence indices, derived from the Sri Lanka Opinion Tracker Survey (SLOTS).

The Index of Consumer Sentiment (ICS), a comprehensive gauge reflecting individuals’ perceptions of their personal economic status and the national economy, recorded a six-point increase to reach 22 points.

Likewise, the Index of Consumer Expectations (ICE), which tracks future outlooks, saw a seven-point rise, reaching 28 points.

Additionally, the Index of Current Conditions (ICC), measuring sentiments about present circumstances, climbed by four points to attain 13 points.

Despite these gains, the IHP cautioned that consumer confidence remains in net pessimistic territory, given that all indices fall below the threshold of 50, indicating a prevailing sense of negativity.

The recovery in public expectations for the country’s future prospects, with a notable 14-point surge to 26 points, and the uptick in perceived current buying conditions by seven points to 13 points, were significant contributors to the overall improvement.

Furthermore, expectations regarding the country’s long-term outlook (over the next five years) registered a five-point increase to reach 30 points.

However, the Personal Financial Situation index remained relatively stable, with a marginal one-point gain to 14 points, while expectations for personal financial situations in the next 12 months improved modestly by three points, reaching 29 points.

The Consumer Confidence Index (CCI) estimates were derived from a substantial sample size of 15,469 interviews conducted between October 21, 2021, and March 7, 2024, including 579 interviews conducted in February 2024.

The survey ensured representation across various demographic factors such as gender, age, ethnicity, and income level.

Notably, the survey’s funding sources include the IHP Public Interest Research Fund and other stakeholders, following previous support from entities such as the Neelan Tiruchelvam Trust, UK National Institute for Health and Care Research, and the Asia Foundation in Sri Lanka, among others.

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