Seasonality and Consumer Confidence

Balázs Zélity

No 2022-001, Wesleyan Economics Working Papers from Wesleyan University, Department of Economics

Abstract: This research empirically investigates whether consumer confidence is affected by seasonal weather fluctuations. Cross-country panel regressions are run with two different data sets. It is found that both solar elevation and sunlight duration positively affect consumer confidence. The presence of country and year-by-quarter fixed effects as well as controls for the business cycle help rule out alternative explanations. A one standard deviation increase in solar elevation or sunlight duration is associated with a 0.02-0.04 SD increase in consumer confidence.

Keywords: consumer confidence; seasonality; seasonal affective disorder; behavioural bias (search for similar items in EconPapers)
JEL-codes: D12 D91 E03 E20 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2022-11
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Related works:
Journal Article: Seasonality and consumer confidence (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:wes:weswpa:2022-001

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