An unfavourable rebound
After a slight improvement in economic sentiment among Poles in May, June has brought about a dramatic adjustment. Almost all of the indicators that make up the index have collapsed. In May, perceptions of the current situation were stable, whereas forecasts for the future could even be seen as optimistic. In June, however, both indexes – the one evaluating the current situation, and the one concerned with the future – dropped significantly. One possibility is that consumers have only just begun experiencing the actual economic consequences of the pandemic, therefore their reservations have grown considerably.
The impression that the economic situation of households has deteriorated as compared with the same period of the previous year is clearly more pronounced among consumers with better education and higher income, and inversely correlated with the age of our respondents. The conclusion is that the unfavourable impact of the pandemic affects younger and wealthier consumers more severely. It is primary this demographic that experiences the consequences of the recent economic lockdown.
Looking at how the value of the index changed in previous months, it seems reasonable to expect that these trends will be shifting again, as the economy emerges from lockdown, while consumption, purchasing, and service usage recovers at least to some extent.