Consumer Sentiment in Turkey, from Closure to the New Normal

Abstract

The main aim of the study was to analyze consumer sentiment in the COVID-19 pandemic period in the context of Turkey. In this context, “expectations of consumers regarding the changes in their current income and general expenditures in the economic conditions brought along with normalization process” and “in what direction consumer sentiment would change in the 6-month period following the normalization process in Turkey” were investigated. Based on these research questions, a descriptive study was conducted by adopting a quantitative research method. The questionnaire method was employed in the collection of the study data. As the COVID-19 pandemic was still ongoing when the study was conducted, the data were collected through an online questionnaire by using the convenience sampling method. The data that were obtained from 1147 participants were analyzed by using descriptive statistics through SPSS 24 software. The results that were obtained demonstrated that almost half of the consumers anticipated a decrease in their income in the 6-month period following the normalization process, and that they expected their expenditures would be reduced. In addition, it was determined that consumers were pessimistic in terms of the potential changes that would occur in their personal savings and family living conditions. Hence, it was found that consumers did not expect a considerable improvement in their economic and living conditions in the 6-month period following the normalization process. As the results that were obtained from consumers’ expectations were conscious estimations, as discussed in the assumption of rational expectations theory, they support the estimations of this economic theory.