Consumer confidence at very low level, shows survey

Consumers' mood remains at a very low level and is at its lowest point ever in the index, the figures from the GfK Consumer Confidence Barometer published on Friday show.

The consumer confidence index rose by 0.3 percentage points in March this year and was minus 17 compared to February.

According to GfK, in March 2023, Poles described their current financial situation as being worse than it was in February (an index of minus 24.8 compared to minus 22.8 in February 2023).

Moreover, 57 percent of those polled believed the prices of goods and services would continue to rise.

"The confidence is still at a very low level – one of the lowest in the history of the survey," GfK wrote.

The index is an aggregated indicator commissioned by the European Commission and measures consumer attitudes and confidence regarding their financial prospects. A reading above zero indicates optimism; below indicates pessimism.

The study was carried out from March 3 to March 8, 2023 on a representative, nationwide sample of 1,000 people.