March 2024: Consumer confidence mixed throughout Europe
Ipsos’ Global Consumer Confidence Index shows a decline of 0.5 point since last month and sits at 48.6. This month’s decline is the first significant one for the index since nine new countries were added in February 2023. Despite this decline, the index is still nearly three points above its reading from this time last year.
Among 29 economies measured, just three 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 46.4, down an insignificant 0.2 point since February. The “legacy 20” index is two points above its reading from this time last year.
The Current, Expectations, and Investment sub-indices all declined since last month. In contrast, the Jobs sub-index shows no significant change.
Sentiment continues to be mixed throughout Europe. Spain (+3.0 points) and Italy (+2.6 points) are up significantly this month. Conversely, Great Britain (-4.4 points) and Sweden (-2.7 points) show significant declines. For Great Britain, sentiment has declined nearly eight points since January, when the country’s reading was at its highest in more than two years.
In a reversal from last month, consumer confidence is largely down in the Asia-Pacific region. Thailand (-4.9 points), Malaysia (-4.2 points), and South Korea (-2.0 points) are all down significantly, while India (+2.8 points) is the only country to show a significant gain.
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 February 23 and March 8, 2024.
Consumer sentiment in 29 countries
Among the 29 countries, India (72.2) continues to hold the highest National Index score. Indonesia (63.4), along with India, are the only countries with a National Index score of 60 or higher.
Nine other countries now show a National Index above the 50-point mark: Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the U.S. (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8).
In contrast, Hungary (35.4) and Türkiye (33.8) are the only countries to show a National Index below the 40-point mark.
Of note, for Italy (46.9), this month’s score is the country’s highest since October 2021.
Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. Eighteen countries show significant increases, most of all in India (+15.0) and Poland (+12.6).
Trends
Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 48.6, down 0.5 point since last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 46.4.
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 39.2. Eight countries show a significant month-over-month gain (at least 2 points) in their Current sub-index, and nine countries show a significant loss.
The Investment sub-index, indicative of consumers’ perception of the investment climate, is down 0.6 point and sits at 41.5. Five countries show a significant gain in their Investment sub-index, and nine countries show significant losses.
The Expectations sub-index, indicative of consumer expectations about future economic conditions, shows the largest decline among the sub-indices (-0.7 point) and now sits at 57.3. In total, just three countries show significant gains in their Expectations sub-index, while nine countries show significant losses.
The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is down an insignificant 0.3 point and is now at 57.7. It is the only sub-index that did not decline. Six countries show significant gains in their Jobs sub-index, while nine countries show significant losses.
Of note, for the second consecutive month, no countries show significant gains (of at least 2 points) across all four sub-indices. In contrast, Malaysia, Colombia, and South Africa all 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.
