June 2023 Global Consumer Confidence Index shows contrasting trends among the world’s largest economies

Sentiment down in the U.S. and Germany, but up in Britain and at a 10-year high in Brazil; Expectations index in Turkey plummets

The author(s)
  • Nicolas Boyon Public Affairs, US
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Ipsos’ Global Consumer Confidence Index shows stability this month, up 0.2 point from last month to 47.4. Among 29 economies measured, eight show significant gains in consumer sentiment while seven show a notable decline. The global Current and Investment indices are up by around half a point, while the Expectations and Jobs indices remain virtually unchanged.

Consumer confidence fell sharply in Germany (-3.4 points) this month following the announcement that the country has officially slipped into a recession. Sentiment is also down in the U.S. (-2.8 points), whose decline can potentially be attributed to Americans’ concerns about the months long fight in Congress over raising the U.S. debt ceiling and fears of the U.S. defaulting on its debt, as most of this month's interviews were conducted just prior to the deal.

On the other hand, sentiment is up significantly in Great Britain (+4.5 points), which now sits at its highest point in fifteen months.

The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s instalment 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 May 26 and June 9, 2023.

Consumer sentiment in 29 countries

Among the 29 countries, Indonesia (65.9) continues to hold the highest National Index score this month and remains the only country with a National Index score above 60.

Eight other countries show a National Index above the 50-point mark: Thailand (58.7), Brazil (58.6), Mexico (58.5), India (56.0), Singapore (55.0), the Netherlands (53.2), Canada (51.4), and the U.K. (50.9). For Brazil, this month’s score is the country’s highest since March 2013.

In contrast, the same seven countries show a National Index below the 40-point mark: Chile (39.9), South Korea (39.7), Japan (38.9), South Africa (37.5), Hungary (37.4), Turkey (35.9), and Argentina (34.8).

Compared to 12 months ago, Sweden (-7.2) shows the steepest drop in consumer sentiment, while Brazil (+12.3), Turkey (+9.5), and Mexico (+8.0) continue to show the largest gains.


Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 47.4, showing stability (+0.2 point) from last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 45.5.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows slight uptick from last month across the 29 countries of 0.5 point to 37.6. Ten countries show a significant month-over-month gain (at least 2 points) in their Current index, compared to only five countries that show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, also records a 29-country average increase of 0.4 point since last month to 39.7. Eight countries show a significant gain, while just five countries show significant losses.

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is relatively unchanged (-0.1 point) and sits at 56.4. The economic outlook declined most of all in Turkey, which is down a staggering 9.2 points since last month after gaining more than 11 points in from March to May. In total, seven countries show significant gains in their Expectations index, and six show significant losses.

Similar to the Expectations sub-index, the Jobs sub-index, reflecting perceptions about jobs security and the jobs market, shows little change (-0.2) and sits at 57.2 this month. Ten countries show significant gains in their Jobs index, while nine countries show significant losses.

Of note, three countries show significant declines (of at least 2 points) across all four sub-indices: Malaysia, Israel, and Peru. In contrast, three countries also show significant month-over-month gains across all four sub-indices: the U.K., Belgium, and Spain.

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)
  • Nicolas Boyon Public Affairs, US