Global consumer confidence remains stagnant

Sentiment continues its downward spiral among many of the world’s most advanced economies

Ipsos’ Global Consumer Confidence Index this month reads at 45.6, virtually unchanged (-0.1 point) since September and, again, at its lowest level in more than a year. In addition, the Expectations index shows a decline for the 12th consecutive month and is at its lowest point since December 2020.

The Global Consumer Confidence Index is the average of all surveyed countries’ National Indices. This month’s installment is based on a monthly survey of more than 17,000 adults under the age of 75 from 23 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between September 23 and October 7, 2022.

The Global Consumer Sentiment index has continually weakened over the past eight months and is now three points lower than it was before the invasion of Ukraine in February. In total, 17 of the 23 countries surveyed now show a National Index score that is significantly lower than it was in February, while just four (Saudi Arabia, Brazil, India, and Turkey) show one that is significantly higher.

The downward trend in overall sentiment is starkest in European countries, the United States, Canada, and Japan. In six of the G7 countries—the U.S., Canada, Germany, Great Britain, Italy, and Japan—consumer confidence is lower than it has been in more than a year.

Once again, Turkey (+3.3 points) and Brazil (+2.4) are the only countries to show a significant month-over-month gain in their National Index. In contrast, Belgium (-2.4 points), Sweden (-1.6), and Germany (-1.6) show a significant decline.

National Index Trends

China continues to hold the highest National Index score (69.8). Saudi Arabia (69.5) and India (64.3) are the only other countries with a National Index score above 60.

Just three other countries show a National Index above the 50-point mark: Australia (53.0), the U.S. (50.9), and Brazil (50.4).

Sweden (49.5) has dropped below the 50-point mark for the first time since July 2020, and Canada (49.4) for the first time since March 2021.

Nine countries now show a National Index below 40: South Africa (39.3), Italy (38.7), Belgium (38.0), South Korea (37.9), Japan (37.3), Poland (36.0), Turkey (33.9), Argentina (33.5), and Hungary (29.8). Consumer confidence in Hungary shows a decline for the sixth straight month and now sits at its lowest point since November 2013. In contrast, consumer confidence in Turkey has reached its highest point since March 2020.

Just three countries have a National Index score that is significantly higher than in January 2020, pre-pandemic: Saudi Arabia, India, and Australia. In contrast, it is significantly lower than it was then in 14 countries.

Jobs, Expectations, and Investment Index Trends

Among 23 countries:

  • Belgium and China show a significant drop (at least 1.5 points) in their Expectations Index, indicative of consumers’ outlook about their future financial situation, local economy, and jobs environment. Turkey and Brazil both show significant gains for the second consecutive month.  
  • Six countries (Belgium, Germany, Sweden, Spain, Poland, and Hungary) show a significant loss in their Investment Index, indicative of consumers’ purchasing and investment confidence and their financial situation and outlook. Turkey, Brazil, South Africa, and Great Britain all show significant gains.
  • China and Saudi Arabia show a significant drop in their Jobs Index, while Turkey, Israel, South Africa, and Brazil show significant month-to-month gains.

About this study

These findings are based on data from Refinitiv/Ipsos’ Primary Consumer Sentiment Index (PCSI) collected in a monthly survey of consumers via Ipsos’ Global Advisor online survey platform. The results are based on interviews with a total of 17,000+ adults aged 18-74 in the United States of America, Canada, Israel, Turkey, and South Africa; and aged 16-74 in all other markets each month. The monthly sample consists of 1,000+ individuals in each of Australia, Brazil, Canada, China (mainland), France, Germany, Italy, Japan, Spain, Great Britain, and the U.S., and 500+ individuals in each of Argentina, Belgium, Hungary, India, Israel, Mexico, Poland, Saudi Arabia, South Africa, South Korea, Sweden, and Turkey.