November 2023: Singapore sees the sharpest increase in consumer confidence

Sentiment is also up significantly in Poland, yet declines in Israel amid conflict.

The author(s)
  • Johnny Sawyer Public Affairs, US
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Ipsos’ Global Consumer Confidence Index is unchanged since last month and remains at 47.2. This marks the sixth consecutive month without a significant month-over-month change for the index. Among 29 economies measured, four show significant gains in consumer sentiment and four show a notable decline.

None of the four sub-indices show significant changes in consumer sentiment.

Sentiment is down most of all in Israel (-5.6 points) as the ongoing war enters its second month.

Sentiment is also down significantly in South Africa (-4.9 points) as the country’s unemployment rate continues to be among the highest in the world. Colombia (-4.4 points) and Great Britain (-4.1 points) also show declines of at least 4 points.

In contrast, Singapore (+6.9 points) sees the sharpest increase in consumer confidence as the country’s economy grew at a faster pace in this year’s third quarter. Poland (+5.9 points) also sees a significant uptick in sentiment following last month’s elections.

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 20 and November 3, 2023.

Consumer sentiment in 29 countries

Among the 29 countries, Indonesia (63.2) holds the highest National Index score this month. India (63.1), which held the highest score last month, and Mexico (60.8) are the only other countries with a National Index score of 60 or higher. For Mexico, consumer sentiment is at its highest point since tracking started in 2010.

Six other countries show a National Index above the 50-point mark: Singapore (58.6), Brazil (57.1), Thailand (56.3), the U.S. (52.2), the Netherlands (50.5), and Australia (50.2).

In contrast, six countries also show a National Index below the 40-point mark: South Korea (39.4), South Africa (39.2), Japan (38.2), Argentina (36.6), Hungary (35.3), and Turkey (34.8).

Compared to 12 months ago, Israel (-10.0) is the only country to show a significant drop in consumer sentiment. Eleven countries show significant increases for the second consecutive month, most of all in Poland (+13.1).


Ipsos’ Global Consumer Confidence Index (based on all 29 countries surveyed) currently reads at 47.2, unchanged since last month. Based only on the “legacy 20 countries” tracked since March 2010, it would read at 45.1.

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 37.1. Six countries show a significant month-over-month gain (at least 2 points) in their Current index, and six countries also show a significant loss.  

The Investment sub-index, indicative of consumers’ perception of the investment climate, is down an insignificant 0.1 point and sits at 39.2. Only five countries show a significant gain in their Investment index, while eight countries show significant losses.

The Expectations sub-index, indicative of consumer expectations about future economic conditions, shows minimal change (-0.2 point) and is now at 56.2. Just four countries show significant gains in their Expectations index, and nine countries show significant losses.

The Jobs sub-index, reflecting perceptions about jobs security and the jobs market, is unchanged this month and sits at 57.4. In total, five countries show significant gains in their Jobs index, and six countries show significant losses.

Of note, Colombia, Israel, South Africa, and Great Britain, show significant declines (of at least 2 points) across all four sub-indices. In contrast, Singapore and Poland show significant month-over-month gains across all four sub-indices.

About this 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 Refinitiv 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, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.

The author(s)
  • Johnny Sawyer Public Affairs, US