Consumer confidence shows stability in March global sentiment tracker

Current and Investment sub-indices decline slightly while the Expectations and Jobs indicators show little movement.

Ipsos’ Global Consumer Confidence Index this month reads at 48.5, down 0.2 points from last month. The Current and Investment indices declined nearly one point each (-0.7 and -0.8, respectively), while the Expectations and Jobs indices show stability since February.

The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 23,000 adults under the age of 75 from 32 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between February 17 and March 3, 2023.

This month, six countries show significant month-over-month gains in their National Index (i.e., 2 points or more): Chile, China, Belgium, Italy, Israel, and Hungary. As many countries also show significant declines: Australia, Argentina, Peru, Turkey, Malaysia, and Indonesia.

China (77.3) holds the highest National Index score this month. Saudi Arabia (71.6) and the United Arab Emirates (70.7) are the only other countries with a National Index score above 70.

Nine other countries show a National Index above the 50-point mark: Indonesia (62.3), India (57.2), Brazil (56.2), Mexico (55.8), Singapore (55.3), the Netherlands (53.0), Malaysia (51.5), the United States (51.4), and Israel (50.1).

On the other hand, seven countries show a National Index below the 40-point mark: South Africa (38.6), Poland (38.3), South Korea (37.7), Japan (36.1), Argentina (35.3), Hungary (32.1), and Turkey (31.6).

Compared to 12 months ago, Hungary (-12.5) and Sweden (-10.1) show the steepest drops in consumer sentiment, while Mexico (+9.6) and Brazil (+9.2) show the largest gains.


Ipsos’ Global Consumer Confidence Index currently reads at 48.5. Excluding the nine new countries that were recently added, it would read at 47.0, in line with its reading from last month.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows an average decline from last month across the 32 countries of 0.7 points to 39.6. Just five countries show a significant month over month gain (at least 2 points) in their Current index, while eight countries show a significant loss.  

Likewise, the Investment sub-index, indicative of consumers’ perception of the investment climate, records a 32-country average decline of 0.8 points since last month to 41.6. Eleven countries show a significant decline, compared to just six that show significant gains.

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is up 0.4 point and sits at 57.5. The economic outlook rebounded in China, where it is up four points since last month, while it declined nearly four points in Australia. In total, eight countries show significant gains in their Expectations index, while only four show significant losses.

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is up a mere 0.2 points this month. Jobs sentiment has also rebounded in China, while it is down significantly in Turkey, Colombia and Australia. Seven countries show significant gains in their Jobs index, and six countries show significant losses.

About the study

These findings are based on data from a monthly 32-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by Refinitiv as the Primary Consumer Sentiment Index (PCSI).

The results are based on interviews with over 23,200 adults aged 18+ in India, 18-74 in Canada, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries

Consumer & Shopper