May 2025: Global consumer confidence remains muted

Ipsos’ Global Consumer Confidence Index is in line with its reading from last month and sits at 47.4. The index shows stability following declines in consecutive months but is still 1.4 points below its reading from this time last year. 

Among 30 economies measured, three countries show significant gains in consumer sentiment, while seven countries show a notable decline. The Current and Investment sub-indices are down significantly this month, while the Expectations and Jobs sub-indices remain stable. 

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 45.7, in line with its reading from April. 

Sentiment is largely down in the Asia-Pacific. Singapore (-7.7 points) shows the largest decline among all countries. Thailand (-4.7 points) and Indonesia (-2.0 points) are also down significantly.

Consumer confidence is mixed in North America. Canada, (+2.8 points) shows a significant increase for the first time this year. In contrast, the U.S. (-2.9 points) continues a decline that has seen its index lose more than seven points in the past six months. 

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 30 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between April 25 and May 9, 2025. 

Of note, Ipsos has modified the scope of the Global Consumer Confidence Index. From this month on, it now spans 30 countries with the addition of Ireland. 

Consumer sentiment in 30 countries

Among the 30 countries, Malaysia (59.5) holds the highest National Index score. No country this month has a National Index score of 60 or higher.

Nine other countries now show a National Index at or above the 50-point mark: Indonesia (59.1), India (56.2), Sweden (53.6), Mexico (53.4), Singapore (52.0), Ireland (50.7), South Africa (50.7), Spain (50.2), and U.S. (50.0).

In contrast, just three countries show a National Index below the 40-point mark: Türkiye (35.0), Japan (34.5), and Hungary (34.0). 

Compared to 12 months ago, fifteen countries show a significant drop in consumer sentiment. In contrast, just six countries show a significant increase from May 2024, most of all in Malaysia (+12.3).

Trends

Ipsos’ Global Consumer Confidence Index (based on all 30 countries surveyed) currently reads at 47.4. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 45.7.

The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, sits at 37.5. In total, four countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, while seven countries show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, is now at 39.9. Just three countries show a significant gain in their Investment sub-index this month, compared to eight countries that show a significant loss. 

The Expectations sub-index, indicative of consumer expectations about future economic conditions, now sits at 55.8. Four countries show significant gains in their Expectations sub-index, and seven countries show a significant loss.

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is now at 57.1. Three countries show significant gains in their Jobs sub-index, while seven countries show significant losses.

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