Consumer sentiment stable, but low
Although still very low, since November the Consumer Index is no longer falling, which is reason enough to be optimistic after so many months with a downward trend. February has brought a slight increase in Index values, although for now it would be difficult to interpret this as anything else than just a slight deviation from the prevalent lateral movement.
Both perceptions of the current situation and expectations for the future are much less optimistic with regard to the economy as a whole than for households. Regardless, even in the case of households, deterioration is forecasted slightly more often than improvement. Furthermore, the fact that managers are now among the least optimistic groups, second only to the unemployed, speaks volumes.
The current interruption in the downward trend is likely connected with the launch of the COVID-19 vaccination campaign, which has been like a light at the end of the tunnel for many, as well as a hint that the Polish economy might soon be coming out of lockdown (the survey was conducted on 5-10/2). On the other hand, the slow progress of the vaccination program and the dynamically developing epidemiological situation in Poland and around the world prevent consumers from becoming overly optimistic as they realise that vaccinations do not necessarily mean that the situation in the country will be going back to normal anytime soon.
The winter weather is subsiding, spring is just around the corner, and the vaccination process is gradually progressing, which means that March might possibly bring some more optimistic moods. We will have to wait to find out.