October 2024: Consumer confidence up in Asia and Latin America

Ipsos’ Global Consumer Confidence Index is unchanged since last month and sits at 49.1. The index shows overall stability for the seventh consecutive month.

However, among 29 economies measured, seven show significant gains in consumer sentiment, and eight show a notable decline.

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 46.9, down 0.5 point since September. 

The Jobs index is the only sub-index to show a significant gain this month. The Current, Expectations, and Investment indices all show little movement. 

Sentiment is largely up in Asia. Malaysia (+7.0 points), Thailand (+4.7 points), and India (+4.3 points) all show significant gains this month. 
Consumer confidence is also up in Latin America. Colombia (+3.6 points), Chile (+2.4 points), and Brazil (+2.1 points) are all up significantly this month.

In contrast, sentiment is largely down in Europe. The Netherlands (-5.3 points), Germany (-4.6 points), France (-3.9 points), and Great Britain (-3.4 points) are all down significantly this month.

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 September 20 and October 4, 2024.

Consumer sentiment in 29 countries

Among the 29 countries, India (66.3) now holds the highest National Index score. India and Indonesia (62.1) are the only countries with a National Index score of 60 or higher.

Ten other countries now show a National Index above the 50-point mark: Singapore (58.3), Malaysia (58.2), Thailand (56.8), the U.S. (55.6), Sweden (55.4), Mexico (53.8), Brazil (53.4), the Netherlands (52.1), South Africa (51.4), and Great Britain (50.7).

In contrast, just three countries show a National Index below the 40-point mark: Japan (39.3), Hungary (35.3), and Türkiye (33.0).

Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. In contrast, thirteen countries show a significant increase from October 2023, most of all in Malaysia (+12.1).

Trends

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 49.1, unchanged since September. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 46.9.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, is unchanged and remains at 40.0. Nine countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, and nine countries show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, is down an insignificant 0.3 point and now sits at 42.0. In total, seven countries show a significant gain in their Investment sub-index this month while ten countries show a significant loss. 

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is relatively unchanged (-0.2 point) and sits at 57.5. Just five countries show significant gains in their Expectations sub-index, and six countries show a significant loss.

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 (+0.8 point) and is now at 58.3. Nine countries show significant gains in their Jobs sub-index, while the Netherlands (-3.9 points) is the only country to show a significant loss.

Of note, the Netherlands is the only country to show significant losses (of at least 2 points) across all four sub-indices. In contrast, Malaysia and Thailand both show significant month-over-month gains across all four sub-indices.