The Universidad Torcuato di Tella (UTDT) consumer confidence index decreased to 34.7 in July from 39.1 in June. Consequently, the index moved further below the 50-threshold that separates optimism from pessimism among consumers.
Consumers’ willingness to purchase big ticket items plummeted. Moreover, they grew more pessimistic over their future financial situation and their expectations over the general economic conditions in the year ahead deteriorated.
Panelists surveyed for the LatinFocus Consensus Forecast see private consumption increasing 3.1% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, panelists expect private consumption to expand 2.5%.