November 2024: Consumer confidence declines globally for first time since March
Sentiment is largely up in Latin America, more mixed in the Middle East and Africa according to the Ipsos Global Consumer Confidence Index for November 2024
Ipsos’ Global Consumer Confidence Index is down 0.5 point since last month and sits at 48.6. The index shows its first significant change since March and is slightly lower than its reading to begin 2024.
Of note, the majority of fieldwork was completed prior to the results of the U.S. elections.
Among 29 economies measured, five show significant gains in consumer sentiment, and six show a notable decline.
Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 46.5, down an insignificant 0.4 point since October.
The Current and Investment indices both show significant declines this month. In contrast, the Expectations and Jobs indices are stable.
Sentiment is largely up in Latin America. Mexico (+5.6 points), Argentina (+3.1 points), and Peru (+2.6 points) show the largest gains among all countries this month.
In contrast, consumer confidence is more mixed in the Middle East and Africa. Türkiye (-3.1 points) and South Africa (-2.1 points) are down significantly this month, while sentiment improved in Israel (+2.5 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 October 25 and November 8, 2024.
Consumer sentiment in 29 countries
Among the 29 countries, Indonesia (64.3) now holds the highest National Index score. Indonesia and India (61.0) are the only countries with a National Index score of 60 or higher.
Eight other countries now show a National Index above the 50-point mark: Mexico (59.5), Malaysia (56.9), Singapore (56.7), the U.S. (55.7), Thailand (54.8), Sweden (53.6), the Netherlands (52.7), and Brazil (51.9).
In contrast, just three countries show a National Index below the 40-point mark: Japan (37.8), Hungary (33.9), and Türkiye (29.8).
Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. In contrast, ten countries show a significant increase from November 2023, most of all in Malaysia (+12.0), South Africa (+10.2), and Argentina (+10.1).
Trends
Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.6, down 0.5 point since October. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 46.5.
The Current sub-index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence, shows the largest drop among the sub-indices (-0.8 point) and is now at 39.1. Just four countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, while eleven countries show a significant loss.
The Investment sub-index, indicative of consumers’ perception of the investment climate, is down 0.5 point and now sits at 41.5. In total, only four countries show a significant gain in their Investment sub-index this month, while nine countries show a significant loss.
The Expectations sub-index, indicative of consumer expectations about future economic conditions, is down an insignificant 0.4 point and is now at 57.1. Six countries show significant gains in their Expectations sub-index, and four countries show a significant loss.
The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, shows no significant change (-0.4 point) this month and is now at 57.9. Five countries show significant gains in their Jobs sub-index, while seven countries show a significant loss.
Of note, India and Türkiye show significant losses (of at least 2 points) across all four sub-indices. In contrast, Mexico and Argentina show significant month-over-month gains across all four sub-indices.