Global Consumer Confidence Report: January 2024
In December, consumers in the United States and Europe grew significantly more optimistic about their countries’ business prospects and their own personal finances as headline inflation continued to moderate in both regions. The Index of Consumer Sentiment (ICS) increased in 31 of the 43 countries tracked by Morning Consult. However, consumers in China grew less optimistic, offsetting and ultimately muting the gains in a GDP-weighted ICS. The economic and financial outlook for consumers in China and Europe remains considerably more fragile compared to their counterparts in the United States. European consumers face elevated exposure to geopolitical risks and negative supply side shocks. Chinese consumers, on the other hand, are increasingly being forced to reckon with the structural challenges inherent in their economic system, including overhang in real estate debt, an aging population and a limited social safety net, consistent with Morning Consult’s past research into Chinese consumption habits.
- The U.S. economy looks relatively attractive heading into 2024, although the presidential election will challenge the resolve of economic policymakers.
- Switzerland experienced the largest increase in confidence last month, with the Morning Consult Index of Consumer Sentiment rising 6.7% from November to December.
- The Morning Consult China Index of Consumer Sentiment fell the most in December relative to the prior month (-2.5%).
About the authors
Jesse Wheeler previously worked at Morning Consult as a senior economist.
Akber Khan is an economist at decision intelligence company Morning Consult, where he supports the research efforts of the Economic Intelligence team by applying a combination of data science, data engineering and econometric forecasting methods to deliver insights into global macroeconomic trends. Previously, he worked for the Federal Reserve Board as a financial analyst, covering issues such as banking and finance, short-term funding markets, and monetary policy. He received a bachelor’s degree in economics from Bentley University.