August 2024: Consumer confidence goes in opposite directions among Latin American countries

Ipsos’ Global Consumer Confidence Index shows no significant change since last month (+0.2 point) and is now at 48.7. The index shows stability for the fifth consecutive month and remains around one point higher than its reading from this time last year. 

Among 29 economies measured, six show significant gains in consumer sentiment, and just three show a notable decline. 

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 47.3, relatively unchanged (+0.1 point) from July. The “legacy 20” index sits two points higher than its reading from this time last year. 

None of the four sub-indices show a significant change this month. 

Consumer confidence is mixed among Latin American countries. Mexico (-7.3 points) shows the largest decline among all countries and has lost nine points since May. In contrast, sentiment is up significantly in both Peru (+4.8 points) and Colombia (+2.8 points). 

Sentiment is also going in opposite directions among European countries. Poland (+2.7 points) and Great Britain (+2.5 points) both rebounded from significant declines last month. However, confidence is down in Germany (-2.0 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 July 26 and August 9, 2024.

Consumer sentiment in 29 countries

Among the 29 countries, Indonesia (63.6) now holds the highest National Index score. Indonesia and India (61.6) are the only countries with a National Index score of 60 or higher.

Eleven other countries now show a National Index above the 50-point mark: Sweden (57.3), the Netherlands (55.6), the U.S. (55.3), Malaysia (54.2), Great Britain (53.8), Brazil (53.1), Singapore (52.5), Mexico (52.0), Spain (50.2), Canada (50.1) and South Africa (50.1).

In contrast, just three countries show a National Index below the 40-point mark: Japan (38.0), Hungary (36.8), and Türkiye (36.4). 

Compared to 12 months ago, six countries show a significant drop in consumer sentiment. In contrast, twelve countries show a significant increase, most of all in South Africa (+9.5), Argentina (+8.6), and Türkiye (+8.0).

Trends 

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.7, up an insignificant 0.2 point since July. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 47.3. 

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows minimal change (+0.3 point) and sits at 39.8. Ten countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, compared to six that show a significant loss. 

The Investment sub-index, indicative of consumers’ perception of the investment climate, is relatively unchanged (+0.2 point) and now sits at 42.0. In total, ten countries show a significant gain in their Investment sub-index this month while six countries show a significant loss. 

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is unchanged this month and remains at 57.0. Seven countries show significant gains in their Expectations sub-index, while just four countries show a significant loss. 

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, shows an insignificant change (+0.4 point) and is now at 57.3. Seven countries show significant gains in their Jobs sub-index, and just four countries show significant losses. 

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