January 2024: Consumer confidence continues to rise in Europe

Sentiment also up in Asia Pacific, while it is more mixed in Latin America.

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  • Johnny Sawyer
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Ipsos’ Global Consumer Confidence Index gained 1.7 points since last month and sits at 49.3. After showing stability for much of second half of 2023, the index has now gained more than two points in the last two months. Among 29 economies measured, twelve show significant gains in consumer sentiment, and just two show a notable decline.

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 47.0. This is more than two points ahead of its reading to begin 2023, and just half a point lower than its February 2020 reading, just prior to the start of the COVID-19 pandemic. 

All four sub-indices show significant changes in consumer sentiment. 

Sentiment continues to climb in many European countries. Great Britain (+6.1 points) and Belgium (+2.0 points) both show significant gains in their National Index for the second consecutive month. France (+4.6 points) and Sweden (+3.9 points) are also up this month.  

Consumer confidence is also up significantly in the Asia-Pacific region, as Malaysia (+4.4 points), Australia (+2.8 points), and India (+2.2 points) all show significant gains.

In contrast, sentiment in Latin America continues to be mixed. Chile (+3.9 points), Argentina (+3.0 points), and Peru (+2.4 points) are all up significantly, while Mexico (-4.2 points) shows the biggest decline among all countries.

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 December 22, 2023 and January 5, 2024.

Consumer sentiment in 29 countries 

Among the 29 countries, India (66.5) holds the highest National Index score this month. Indonesia (65.1) is the only other country with a National Index score of 60 or higher.

Twelve other countries now show a National Index above the 50-point mark: Thailand (58.8), Singapore (57.7), Brazil (56.1), Mexico (55.7), Great Britain (54.7), the Netherlands (53.3), the U.S. (52.9), Poland (52.9), Belgium (51.3), Malaysia (50.6), Sweden (50.2), and Australia (50.2). 

For Belgium, this month’s score is the country’s highest since tracking began in 2010. Also, this month’s score is the highest for Great Britain since August 2021.  

In contrast, just four countries show a National Index below the 40-point mark: South Korea (38.8), Hungary (37.8), Japan (37.8), and Türkiye (32.1). 

Compared to 12 months ago, Australia and Israel are the only countries to show a significant drop in consumer sentiment. Ten countries show significant increases, most of all in Poland (+16.4) and Great Britain (+13.1). 

Trends

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 49.3, up 1.7 points since last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 47.0.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, gained 2.5 points across the 29 countries and is now at 40.2. A staggering nineteen countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, compared to just two countries that show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, is up 2.4 points and sits at 42.4. Fourteen countries show a significant gain in their Investment sub-index, while just two show significant losses. 

The Expectations sub-index, indicative of consumer expectations about future economic conditions, gained 0.9 point and now sits at 57.6. Ten countries show significant gains in their Expectations sub-index, while Türkiye is the only one to show a significant loss. 

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is 1.2 points higher this month and sits at 58.5. In total, fourteen countries show significant gains in their Jobs sub-index, and four countries show significant losses.

Of note, seven countries show significant gains (of at least 2 points) across all four sub-indices: Great Britain, Argentina, South Africa, Chile, Peru, India, and Malaysia. In contrast, Türkiye is the only country to show significant month-over-month declines 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 LSEG 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, Türkiye, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.

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The author(s)
  • Johnny Sawyer

Society