Global Consumer Confidence Report: November 2023

November 2023

Report summary

Global consumer sentiment continued to slide in October, with Morning Consult’s Index of Consumer Sentiment declining in many of the world’s largest economies. As has been the case for some time, inflation continues to be top of mind for consumers; a broad decline in inflation starting in late 2022 helped lift global consumer confidence higher. A closer look at Morning Consult data shows that the correlation between inflation and sentiment has tightened in recent quarters. However, as the pace of global disinflation slows and economic and geopolitical uncertainty rise, we may see a loosening of the relationship between inflation and sentiment. In fact, we are already beginning to see consumer confidence fall in many of the world’s largest economies, placing the broad uptrend that has been in place since late 2022 at risk.

Key Takeaways

  • Consumer confidence decreased in October in 27 of the 43 countries tracked by Morning Consult.
  • Turkey recorded the largest gain in consumer confidence in October among the countries tracked by Morning Consult, with the Index of Consumer Sentiment increasing 11.9%.
  • Norway experienced the largest decline in consumer confidence in October, with the ICS falling 12.7%. Interest rate hikes have proved effective at cooling inflation in recent months, but they also appear to be taking a toll on economic activity.

About the authors

A headshot photograph of Jesse Wheeler
Jesse Wheeler
Senior Economist

Jesse Wheeler previously worked at Morning Consult as a senior economist.

A headshot photograph of Akber Khan
Akber Khan

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]