According to a report released by the Institute for Health Policy (IHP), Sri Lanka's consumer confidence surged to an unprecedented level in June, marking a significant upturn in public sentiment toward economic conditions.
The Index of Consumer Sentiment (ICS), which gauges both personal economic outlooks and perceptions of the national economy, rose by 7 points to reach 36 points. This increase reflects a broad-based optimism among consumers across the country. The data, derived from the Sri Lanka Opinion Tracker Survey (SLOTS), indicates that all three major consumer confidence indices saw notable gains during the month.
The Index of Consumer Expectations (ICE), which forecasts future economic conditions, mirrored the ICS's rise with a 7-point increase to 40 points. Meanwhile, the Index of Current Conditions (ICC), which assesses perceptions of the present economic environment, also grew by 6 points to 30 points.
June's figures represent the highest recorded levels since late 2021, signaling a robust improvement in consumer sentiment amidst ongoing economic developments.
The report highlights that the Current Buying Conditions Index, a measure of purchasing intentions, achieved a new peak of 29 points in June. This suggests a heightened willingness among consumers to make significant purchases, underpinning broader economic activity.
All indices within the IHP SLOTS survey range between 0 and 100, where scores below 50 typically indicate prevailing pessimism. The latest results indicate a shift towards optimism among Sri Lankan consumers.
The consumer confidence estimates are based on a robust dataset comprising 17,179 interviews conducted from October 21, 2021, to July 7, 2024. For the month of June 2024, 447 interviews were conducted, with sample sizes varying across indices to ensure statistical reliability. The survey methodology includes adjustments to reflect Sri Lanka's national demographics, encompassing factors such as gender, age, ethnicity, and income level.
The SLOTS platform, which facilitates daily monitoring of public opinion and wellbeing, utilizes a large national panel recruited through face-to-face interviews and random dialing. It is supported by multiple peer-reviewed scientific publications leveraging its comprehensive dataset.
