RIO DE JANEIRO, BRAZIL – Brazilian consumer confidence fell in December for the third month in a row, due to a more negative perception of the current situation and the coming months, according to a report released Tuesday, December 22nd, by a leading economic think tank.
The Getulio Vargas Foundation (FGV) report showed the Consumer Confidence Index (ICC) slipped 3.2 units this month to settle at 78.5 points.
“The third consecutive drop in consumer confidence is due to the worsening of both consumer satisfaction with the present and expectations in relation to the coming months,” the report said.
“Faced with a second wave of COVID-19, the end of emergency benefits and high unemployment, consumers, mainly those with lower purchasing power, indicate that they will continue to contain consumption,” the report added.
Some 97.5 percent of consumers said they believed it was difficult to obtain employment at the moment, causing the indicator to drop to its lowest level in 16 years, the FGV said.