February 2024: Consumer confidence down among G7 countries

Ipsos’ Global Consumer Confidence Index shows little movement (-0.2 point) since last month and sits at 49.1. After gaining two points over the previous two months, the index now shows stability as it did for much of second half of 2023. 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 46.6. While this is a 0.5-point decline from last month, the “legacy 20” index is nearly two points above its reading from this time last year.

The Current and Jobs sub-indices are both down since January. In contrast, the Expectations and Investment sub-indices show no significant change.

Sentiment is largely down among the G7 countries, as Great Britain (-3.2 points), Canada (-2.1 points), and Germany (-2.0 points) all show significant declines. However, consumer sentiment in Japan (+2.4 points) is at its highest point in just over two years.

In contrast, consumer confidence is largely up in the Asia-Pacific region. South Korea (+3.7 points) and India (+2.9 points) join Japan in showing significant gains. Conversely, Singapore (-4.7 points) shows the largest decline among all countries.

Consumer sentiment is mixed throughout Europe. Sweden (+3.3 points) and the Netherlands (+2.3 points) are up significantly, while Hungary (-3.4 points) and Belgium (-2.7 points) both declined.

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 January 26 and February 9, 2024.

Consumer sentiment in 29 countries 

Among the 29 countries, India (69.4) holds the highest National Index score this month. Indonesia (65.2) and Thailand (60.4) are the other countries with a National Index score of 60 or higher.

Ten other countries now show a National Index above the 50-point mark: Brazil (58.0), Mexico (57.5), the Netherlands (55.6), Sweden (53.5), Singapore (53.0), the U.S. (52.0), Great Britain (51.5), Colombia (51.2), Poland (51.1), and Malaysia (50.2).

In contrast, just two countries show a National Index below the 40-point mark: Türkiye (34.6) and Hungary (34.4). 

For Japan (40.2), this month’s score is the first time the country has been above the 40-point mark since January 2022.

 Compared to 12 months ago, four countries show a significant drop in consumer sentiment. Fourteen countries show significant increases, most of all in Poland (+13.1) and India (+11.7).

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 49.1, down an insignificant 0.2 point since last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 46.6.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, declined by 0.5 point across the 29 countries and now sits at 39.8. Ten 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, shows little movement (-0.2 point) and is now at 42.2. Nine countries show a significant gain in their Investment sub-index, and eight show significant losses.

The Expectations sub-index, indicative of consumer expectations about future economic conditions, shows no significant change (+0.3 point) and now sits at 57.9. Just four countries show significant gains in their Expectations sub-index, while Spain (-2.4 points) and Argentina (-2.2 points) are the only countries to show a significant loss.

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is down 0.5 point this month and sits at 58.0. In total, only three countries show significant gains in their Jobs sub-index, while eight countries show significant losses.

Of note, no countries show significant gains (of at least 2 points) across all four sub-indices. Argentina 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.