Moroccan consumer confidence improved slightly during this quarter, a sign that concerns about the pandemic, growth prospects and inflation risks are still present.
The household confidence index (HCI) of the High Commission for Planning (HCP) seems to be on an upward slope in this post-Covid-19 era, standing at 65.5 points instead of the 63.0 points recorded in the previous quarter.
Consumer confidence has therefore increased slightly, but there is still a weakening of optimism, triggered by the still perceptible consequences of the health crisis and supported by the persistence of inflation. This is what emerges from the latest business report published by the statistics office.
“In the third quarter of 2021, 59.4% of households report a deterioration in the standard of living over the past 12 months, 22.7% a maintenance at the same level and 17.9% an improvement. The balance of opinion on the past evolution of the standard of living remained negative, at minus 41.5 points, against minus 50.8 points in the previous quarter and minus 35.6 points in the same quarter of last year”, writes the HCP.
Households’ opinions on past and future living standards are improving. More Moroccans believe that their financial situation has improved over the past 12 months. Thus, over the next 12 months, 33.8% of households expect their standard of living to improve, 41.8% expect it to remain the same, and only 24.4% expect it to deteriorate.
“The balance of opinion relating to this indicator stands at 9.4 points, thus registering an improvement both compared to the previous quarter and compared to the same quarter of the previous year when it was at 0.2 points and at minus 17.4 points respectively,” commented the HCP analysts.
Despite the current, still delicate context, Moroccans are slightly more optimistic about their future financial situation. 29.9% versus 14.8% of households expect their financial situation to improve over the next 12 months. The balance of opinion of this indicator was thus established at 15.1 points against 14.8 points in the previous quarter and 11.9 points in the same quarter of the previous year.
However, the Moroccan consumer still considers it untimely to make major purchases. In the third quarter of 2021, 72.1% versus 10.1% of households consider that it is not a good time to make purchases of durable goods.
The balance of opinion of this indicator remained negative with minus 62.0 points, registering an improvement both compared to the previous quarter and to the same quarter of last year when it stood at minus 65.6 points and minus 63.5 points respectively.
The pessimistic view persists when it comes to the job market. In the third quarter of 2021, 84.2% versus 5.9% of households expect unemployment to rise over the next 12 months. The balance of opinion thus remained negative at minus 78.3 points, compared to minus 69.8 points one quarter earlier and minus 82.0 points one year earlier.
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