Consumer confidence down across Europe in September 2023

Sentiment declines significantly in Germany, Spain, and Italy.

The author(s)
  • Johnny Sawyer Research Manager, US, Public Affairs
Get in touch

Ipsos’ Global Consumer Confidence Index is up 0.2 point from last month to 47.6. This is the fourth consecutive month without a significant month-over-month change for the index. Among 29 economies measured, six show significant gains in consumer sentiment while seven show a notable decline.

The global Jobs index is the only one to show a significant gain this month. This comes after three straight months of no significant change. In contrast, the global Current, Expectations, and Investment indices show little change after experiencing some volatility in the previous two months.

Sentiment decreased most in Argentina (-3.9 points) and Germany (-3.8 points). For Germany, this month’s reading marks a low point for the year, and it comes as the country is now expected to be the only major European economy to contract this year.

Consumer confidence this month varies widely both within and across regions. In Asia, sentiment is up significantly in Thailand (+6.1 points), Malaysia (+3.9 points) and India (+2.3 points), but sentiment is down in Singapore (-2.3 points). Consumer confidence is up in Africa-Middle East, as both South Africa (+5.7 points) and Turkey (+3.6 points) show significant gains. In contrast, sentiment is down in Europe, as the aforementioned Germany (-3.8 points), along with Spain (-2.1 points) and Italy (-2.0 points), all show significant declines.

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 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between August 25 and September 8, 2023.

Consumer sentiment in 29 countries

Among the 29 countries, Indonesia (65.9) continues to hold the highest National Index score this month. Indonesia and India (62.2) remain the only countries with a National Index score of 60 or higher.

Eight other countries show a National Index above the 50-point mark: Thailand (57.6), Brazil (57.0), Singapore (55.7), Mexico (55.1), the Netherlands (54.3), the U.S. (52.0), Malaysia (51.4), and Sweden (50.6).

In contrast, just five countries show a National Index below the 40-point mark: South Korea (38.8), Japan (38.6), Hungary (35.1), Argentina (33.1), and Turkey (32.0).

Compared to 12 months ago, Australia (-3.4), Turkey (-3.0), and Canada (-2.5), are the only countries to show a significant drop in consumer sentiment. Ten countries show significant increases, most of all in Great Britain (+9.4).  


Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 47.6, showing stability (+0.2 point) for the fourth consecutive month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 45.1.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows an insignificant gain across the 29 countries of 0.2 point to 37.8. Seven countries show a significant month-over-month gain (at least 2 points) in their Current index, and seven also show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, shows little change since last month (+0.3 point) and sits at 39.9. Nine countries show a significant gain in their Investment index, and seven countries show significant losses.

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is unchanged this month and remains at 56.6. In total, six countries show significant gains in their Expectations index, while nine countries show significant losses.

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is the only sub-index to show a significant change this month (+0.5 point) and now sits at 57.6. This is the first significant change for the index after three months of stability. Seven countries show significant gains in their Jobs index, while just three countries show significant losses.

Of note, Argentina and Peru show significant declines (of at least 2 points) across all four sub-indices. In contrast, Thailand, Malaysia, South Africa, Turkey, and Hungary all show significant month-over-month gains across all four sub-indices.

About the study

These findings are based on data from a monthly 29-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 21,200 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.

The author(s)
  • Johnny Sawyer Research Manager, US, Public Affairs