Morocco’s Consumer Confidence Plummets to 12-Year Low Amid Pandemic

According to the results of the permanent household survey conducted by the HCP, the consumer confidence index (CCI) stood at 65.6 points, instead of 75.7 points recorded the previous quarter and 74.9 points a year earlier.

According to the same source, 50.3% of households report a deterioration in their standard of living in the second quarter of 2020 over the past 12 months, 24.2% a maintenance at the same level and 25.5% an improvement. Regarding the balance of opinion on the past evolution of the standard of living, it remained negative, at minus 24.8 points, against minus 19.8 points in the previous quarter and minus 25.4 points in the same quarter of the previous year.

The deterioration increased in the second quarter of 2020 with 61.0% of households considering that their income covers their expenses, 34.5% declaring to be in debt or drawing on their savings and 4.5% claiming to save part of their income. As for the balance of opinion on the current financial situation of households, it thus remained negative, at minus 30.0 points against minus 27.7 points the previous quarter and minus 30.8 points a year earlier.

Furthermore, 38% against 11.0% of households consider that confidence has deteriorated. This perception remains negative, with a balance of opinion of minus 27.0 points against minus 22.9 points in the previous quarter and minus 24.2 points in the same quarter of the previous year.

As for the evolution of the financial situation of households over the next 12 months, 25.9% against 21.3% of households expect an improvement in their financial situation. Consequently, the balance of opinion of this indicator records for the first time since the beginning of the survey, a negative level, going to minus 4.6 points against 8.5 points a quarter earlier and 18.3 points a year earlier.