Tashkent, Uzbekistan (UzDaily.uz) — Consumer sentiment among Uzbekistan’s population remained broadly positive in the second quarter of 2026, according to a review by the Central Bank of Uzbekistan based on a survey of about 4,100 respondents conducted in July 2026.
According to the regulator, positive trends observed in the previous quarter continued, although expectations changed in some areas. All four sub-indices calculated by the Central Bank — income, spending, credit and savings — declined from the first quarter but remained above the neutral level of 50 points. A reading above 50 points indicates that respondents expect the respective indicator to increase.
Income
The income sub-index stood at 71.3 points in the second quarter, down 1.5 points from the first quarter but above the level recorded in the same period of 2025. The Central Bank noted that some respondents expect their incomes to grow more slowly than before.
Some 66% of respondents expected their incomes to increase, compared with 68% in the first quarter, while another 25% expected no change. The share expecting a decline in income increased slightly from the first quarter to 9%.
A majority of respondents in all income groups expected their incomes to rise, with the share ranging from 61% to 81%. The strongest expectations were recorded among people earning more than 20 million soums, where 81% expected their incomes to increase, compared with 77% in the first quarter. Among respondents earning 3–5 million and 5–7 million soums, the share expecting no change in income increased. The proportion expecting a decline was relatively higher among people earning less than 3 million soums.
The share of respondents identifying official wages as a source of income increased by 7 percentage points to 73%. The shares receiving income from household farming, entrepreneurship and trade, casual work, property rentals and remittances declined from the previous quarter.
Most respondents working in household services, catering, agriculture, tourism and manufacturing expected their incomes to increase. Positive expectations also remained among most workers in banking and finance, information technology, media and healthcare.
Spending
The spending sub-index stood at 77.2 points in the second quarter, down 0.9 points from the previous quarter. According to the Central Bank, the sub-index remaining at a high level indicates that households continue to be inclined toward consumer activity.
Some 76% of respondents expected their spending to increase in the future, compared with 77% in the second quarter of 2025. The share expecting spending to remain unchanged or decline increased slightly from the first quarter of 2026.
Respondents earning more than 15 million soums expected their spending to decline in the coming months. By contrast, respondents earning 5–7 million and 7–10 million soums expected their spending to increase.
Housing renovation remained one of the main areas of planned future spending across all income groups. People earning up to 5 million soums mainly planned to spend on housing renovation, education and medical treatment, while expectations for major spending on cars, travel and housing purchases were lower in this group. As income increases, the share planning to spend on cars, travel and housing purchases also rises.
Among respondents earning 20–30 million soums, 18% planned to spend on travel, 16% on a car and 15% on housing. Among those earning more than 30 million soums, 32% planned to spend on travel, 30% on housing renovation, 19% on a car, 17% on housing and 15% on family celebrations.
By age group, respondents under 30 mainly planned to spend on education and housing renovation. This group also showed relatively high interest in spending on weddings, travel, cars and housing. People aged 31–50 planned to spend on cars and housing alongside renovation, education and medical treatment. Among respondents aged 41–50, the intention to spend on housing renovation and education was higher than in other age groups. People over 51 mainly planned to spend on housing renovation and medical treatment, as well as relatively more on weddings. Their intention to spend on travel, cars and electronics was lower than among younger respondents.
Credit
The credit sub-index stood at 65.3 points in the second quarter, down 0.2 points from the first quarter. According to the regulator, this indicates that household demand for credit remains high.
Demand for credit was higher among people earning 3–10 million soums, with 57–59% of respondents in these groups expecting their need for credit to increase. Expectations were lower among those earning 10–20 million soums. In particular, 44% of respondents earning 15–20 million soums expected their need for credit to increase, compared with 53% among those earning more than 20 million soums.
Households mainly plan to use borrowed funds for housing renovation, education and other needs. Spending on weddings, cars and medical treatment also remains among the important uses of credit across all income groups, the Central Bank noted.
Savings
The savings sub-index stood at 69.2 points in the second quarter, down 1.4 points from the first quarter but almost one point above the level recorded in the same period of 2025.
Some 64.3% of respondents expected their savings to increase, down 1.5 percentage points from the first quarter. The share expecting no change in savings increased by 1 percentage point to 23.3%. The share expecting savings to decline stood at 12.4%, compared with 11.9% in the first quarter.
Some 46.4% of respondents said they had no savings for the future. The figure was virtually unchanged from the previous quarter. According to the Central Bank, the lack of savings among almost half of the population indicates relatively limited capacity to cover unexpected expenses or adapt to potential changes in income. There were no significant changes in the shares of respondents whose savings would last for up to one month, one to three months, three to six months or more than six months.
Some 58.6% of respondents reported an improvement in their financial position in the second quarter, compared with 58.0% in the first quarter. The share reporting no change in their financial position stood at 30.6%, down 1.8 percentage points from the first quarter. The share reporting a deterioration in their financial position increased slightly to 10.9%.
According to the Central Bank, the outstanding volume of total deposits increased by 38% year on year in the first half of 2026. Outstanding term deposits in the national currency increased by 25.6%.
Economic expectations
Some 66.6% of respondents expected the country’s economic situation to improve over the next 12 months. Another 25.3% expected no change, while 8.1% anticipated a deterioration.
Over a three-year horizon, 77% of respondents expected the country’s economy to improve, compared with 78% in the first quarter of 2026. Another 18% expected no change. The share expecting a deterioration declined by 1 percentage point to 5%.
The review was prepared by the Central Bank’s Monetary Policy Department. The data were recorded as of 15 July 2026.
