June 2024: Consumer confidence down in Middle East

Ipsos’ Global Consumer Confidence Index shows little change (-0.2 point) since last month and now sits at 48.5. The index shows stability for the third consecutive month and is around 1 point higher than its reading from this time last year. 

Among 29 economies measured, just four show significant gains in consumer sentiment, while seven show a notable decline. 

Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 46.6, down 0.6 point since May. Similar to the overall index, the “legacy 20” index now sits around 1 point higher than its reading from this time last year. 

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

Sentiment is down significantly in the Middle East. Israel (-4.8 points) shows the largest decline among all countries. Similarly, Türkiye (-4.8 points) is down significantly and has now fallen to its lowest point in 10 months. 

In contrast, sentiment is mixed in Europe. Consumer confidence is up in both the Netherlands (+3.3 points) and Belgium (+3.0 points); meanwhile, it is down in Hungary (-3.3 points) and Spain (-2.3 points). Of note, nearly all fieldwork was completed prior to the start of the European Union elections earlier this month. 

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 May 24 and June 7, 2024.

Consumer sentiment in 29 countries 

Among the 29 countries, India (65.2) continues to hold the highest National Index score. India and Indonesia (63.2) are the only countries with a National Index score of 60 or higher.

Ten other countries now show a National Index above the 50-point mark: Singapore (58.1), Mexico (57.2), the Netherlands (55.2), Thailand (55.2), Sweden (54.7), Great Britain (53.9), the U.S. (53.8), Malaysia (52.9), Brazil (52.3), and Australia (50.5). 

In contrast, just five countries show a National Index below the 40-point mark: South Korea (39.5), Japan (37.7), Hungary (37.0), Peru (36.7), and Türkiye (29.1). 

Compared to 12 months ago, six countries show a significant drop in consumer sentiment. In contrast, fourteen countries show significant increases, most of all in Argentina (+9.2), India (+9.1), and South Africa (+8.0).

Trends 

Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.5, down an insignificant 0.2 point since May. 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, is unchanged across the 29 countries and remains at 39.3. Seven countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, and seven countries show a significant loss. 

The Investment sub-index, indicative of consumers’ perception of the investment climate, is relatively unchanged (-0.1 point) and sits at 41.7. In total, six countries show a significant gain in their Investment sub-index while nine countries show significant losses. 

The Expectations sub-index, indicative of consumer expectations about future economic conditions, is the only sub-index to show a significant decline (-0.6 point) and now sits at 57.5. Six countries show significant gains in their Expectations sub-index, and six also show a significant loss. 

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is down an insignificant 0.3 point and is now at 56.8. Six countries show significant gains in their Jobs sub-index, compared to seven countries that show significant losses. 

Of note, Israel, Türkiye, and Hungary show significant losses (of at least 2 points) across all four sub-indices. In contrast, Malaysia and the Netherlands show significant month-over-month gains across all four sub-indices.