July 2024: Consumer confidence mixed in Asia-Pacific

Ipsos’ Global Consumer Confidence Index is unchanged since last month and remains at 48.5. The index shows stability for the fourth consecutive month and sits around one point higher than its reading from this time last year. 

Among 29 economies measured, seven show significant gains in consumer sentiment and five show a notable decline. 

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 47.3, up 0.6 point and reversing last month’s decline. The “legacy 20” index is now nearly two points higher than its reading from this time last year. 

The Expectations sub-index, for the second consecutive month, is the only one to decrease significantly. The Current, Investment, and Jobs sub-indices show no significant change. 

Consumer confidence is mixed in the Asia-Pacific. Singapore (-5.9 points) and Thailand (-4.5 points) both declined sharply this month. In contrast, sentiment is up in South Korea (+2.1 points). 

In contrast, sentiment is up significantly in the Middle East and Africa. Türkiye (+3.8 points) rebounded from last month’s decline and shows the second biggest increase among all countries. Additionally, confidence is also up in South Africa (+2.7 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 June 21 and July 5, 2024.

^{1* Fieldwork was completed prior to the elections in Great Britain and the second round of the elections in France.}

Consumer sentiment in 29 countries 

Among the 29 countries, India (64.5) continues to hold the highest National Index score. India and Indonesia (62.3) 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: Mexico (59.3), the Netherlands (56.6), Sweden (56.4), the U.S. (56.0), Malaysia (53.5), Singapore (52.2), Brazil (51.6), Great Britain (51.3), Germany (51.1), Spain (50.8) and Thailand (50.6). 

Of note, Spain’s National Index score is the highest for the country since tracking began back in March 2010. 

In contrast, just four countries show a National Index below the 40-point mark: Japan (37.6), Hungary (37.4), Peru (36.3), and Türkiye (32.9). 

Compared to 12 months ago, eight countries show a significant drop in consumer sentiment. In contrast, thirteen countries show a significant increase, most of all in Argentina (+9.0), India (+7.7), and South Africa (+7.6).

Trends 

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.5, unchanged since June. 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 a minimal, insignificant change (+0.1 point) and sits at 39.4. Ten countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, compared to just five that show a significant loss. 

The Investment sub-index, indicative of consumers’ perception of the investment climate, also shows an insignificant change (+0.1 point) and now sits at 41.8. 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, has declined significantly for the second consecutive month (-0.5 point) and is now at 57.0. South Africa and Argentina are the only countries to show significant gains in their Expectations sub-index, while six countries show a significant loss. 

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is relatively unchanged (+0.1 point) and is now at 57.0. Five countries show significant gains in their Jobs sub-index, and four countries show significant losses. 

Of note, Poland and Thailand show significant losses (of at least 2 points) across all four sub-indices. No countries show significant month-over-month gains across all four sub-indices.