May 2024: Consumer confidence down slightly in Latin America
Ipsos’ Global Consumer Confidence Index is unchanged (-0.2 point) since last month and now sits at 48.8. The index shows stability for the second consecutive month and is nearly two points above its reading from this time last year.
Among 29 economies measured, four show significant gains in consumer sentiment, while five show a notable decline.
Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 47.2, up an insignificant 0.3 point since April. The “legacy 20” index is now 1.6 points above its reading from this time last year.
The Jobs sub-index is the only one to decrease significantly this month. In contrast, the Current, Expectations, and Investment sub-indices show no significant change.
Sentiment is down slightly in Latin America. Peru (-5.1 points) and Chile (-3.2 points) both show significant declines this month. In other Latin American countries, sentiment is relatively unchanged.
In contrast, sentiment is more mixed in other regions. In Europe, consumer confidence is up in Hungary (+7.1 points) and Great Britain (+2.6 points) but is down in the Netherlands (-2.9 points). In the Asia-Pacific region, consumer confidence is up in Singapore (+3.3 points) and down in Japan (-2.5 points).
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 April 19 and May 3, 2024.
Consumer sentiment in 29 countries
Among the 29 countries, India (67.8) continues to hold the highest National Index score. India, Indonesia (63.2), and Mexico (61.0) are the only countries with a National Index score of 60 or higher.
Nine other countries now show a National Index above the 50-point mark: Singapore (58.0), Thailand (55.8), the U.S. (54.3), Sweden (54.1), Great Britain (52.8), the Netherlands (51.9), Brazil (51.7), Poland (50.3), and Australia (50.3).
In contrast, just four countries show a National Index below the 40-point mark: South Korea (39.7), Chile (39.6), Japan (37.9), and Türkiye (33.8).
Compared to 12 months ago, seven countries show a significant drop in consumer sentiment. Twelve countries show significant increases, most of all in Argentina (+11.0), Poland (+9.4), and India (+9.1).
Trends
Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.8, relatively unchanged (-0.2 point) since last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 47.2.
The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows no significant change (-0.1 point) across the 29 countries and now sits at 39.3. Six countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, and ten countries show a significant loss.
The Investment sub-index, indicative of consumers’ perception of the investment climate, also shows no significant change (-0.1 point) and sits at 41.8. In total, six countries show a significant gain in their Investment sub-index, compared to eight that show significant losses.
The Expectations sub-index, indicative of consumer expectations about future economic conditions, also shows no significant change (+0.2 point) and sits at 58.1. Six countries show significant gains in their Expectations sub-index, while just four show a significant loss.
The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is the only sub-index to decline significantly (-0.7 point) and is now at 57.2. Four countries show significant gains in their Jobs sub-index, and eight countries show significant losses.
Of note, Peru and Chile show significant losses (of at least 2 points) across all four sub-indices. In contrast, Hungary is the only country to show significant month-over-month gains across all four sub-indices.