December 2023 Global Consumer Confidence Charts
This collection of downloadable charts provides a curated summary of Morning Consult’s proprietary Economic Intelligence data on global consumer confidence and offers a preview of Morning Consult’s December Global Consumer Confidence Report. Morning Consult Economic Intelligence subscribers can access the full report here.
Chart Pack highlights:
- The upswing in U.S. consumer sentiment has stalled as the pace of disinflation slows, prices remain high in the eyes of consumers, and economic uncertainty hovers over household finances.
- On the other hand, things are still broadly positive in Latin America: Consumer sentiment is in an uptrend in Mexico and Brazil, while Argentines have become cautiously optimistic about the future after an outsider, right-wing libertarian Javier Milei, was elected president in November.
- Confidence in Germany and France has plateaued, but Morning Consult data does show some signs of improvement in Europe, with Italy and the United Kingdom experiencing rising confidence in November.
- Confidence has also largely stalled in many of the Asia-Pacific region’s largest economies.
Highlights from this report
Global consumer sentiment improved in November after deteriorating in recent months in some of the world’s largest economies. The month-over-month improvement was driven in large part by the United States, China and Europe, but headwinds are mounting in each of these economic powerhouses.
In the United States, slowing inflation supported an increase in confidence for much of 2023; however, this impulse has waned, and sentiment has stalled as persistently elevated prices continue to weigh on the consumer mood and signs of cooling in the economy emerge. In China, confidence was already on the downturn at the end of November as Beijing ponders additional stimulus for 2024. Meanwhile, many of Europe’s largest economies are struggling with tepid growth. In this environment, bets are increasing for interest rate cuts in 2024 as weaker economic growth and labor market issues potentially displace inflation as the top concern of consumers and central bankers alike.
Change of the Guard in Argentina Brings a Degree of Optimism for the Future
(5-day moving average)
While the economic situation in Argentina remains dire, with inflation well above 100%, Argentines are expressing a degree of optimism after the election of right-wing libertarian President Javier Milei. Morning Consult’s consumer confidence data now shows a large gap between current conditions and future expectations. Argentina’s new president has promised a shock treatment for the flailing economy with a slew of radical policy proposals, but economic reform will be a difficult (Milei’s coalition holds a minority in Congress) and likely painful process. Nonetheless, the share of Argentines who expect good times over the next five years has risen from around 20% to nearly 40%.