Economics
Global Consumer Confidence Report: July 2023
Report summary
The broad rally in global sentiment in place since December 2022 waned in June, ending a six-month run of increases in the GDP-weighted global measure of Morning Consult’s Index of Consumer Sentiment. Weakening sentiment in China was a major driver of the decline, with the Morning Consult China Index of Consumer Sentiment dropping 2.1% in June. With hopes for China’s economic recovery largely pegged to strong domestic demand, this drop in confidence is a worrying sign for the Chinese economy and subsequently the global economic environment. Sentiment in the United Kingdom, Germany and Australia also declined in June, adding to the global decrease, while consumer confidence in the United States resumed its upward trend.
Key Takeaways
- Consumer confidence increased in June in 27 of the 43 countries tracked by Morning Consult.
- Switzerland saw the largest increase in consumer confidence in June, rising 7.3 points — or 8.4% — from May.
- Turkey recorded the biggest loss this month, dropping 10.8% in an ongoing post-election decline in consumer sentiment.
About the authors
John Leer leads Morning Consult’s global economic research, overseeing the company’s economic data collection, validation and analysis. He is an authority on the effects of consumer preferences, expectations and experiences on purchasing patterns, prices and employment.
John continues to advance scholarship in the field of economics, recently partnering with researchers at the Federal Reserve Bank of Cleveland to design a new approach to measuring consumers’ inflation expectations.
This novel approach, now known as the Indirect Consumer Inflation Expectations measure, leverages Morning Consult’s high-frequency survey data to capture unique insights into consumers’ expectations for future inflation.
Prior to Morning Consult, John worked for Promontory Financial Group, offering strategic solutions to financial services firms on matters including credit risk modeling and management, corporate governance, and compliance risk management.
He earned a bachelor’s degree in economics and philosophy with honors from Georgetown University and a master’s degree in economics and management studies (MEMS) from Humboldt University in Berlin.
His analysis has been cited in The New York Times, The Wall Street Journal, Reuters, The Washington Post, The Economist and more.
Follow him on Twitter @JohnCLeer. For speaking opportunities and booking requests, please email [email protected]
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.
Follow him on Twitter @AKhanMC. For speaking opportunities and booking requests, please email [email protected]
