Global Consumer Confidence Report: October 2023

October 2023

Report summary

Global consumer confidence fell in September amid rising economic uncertainty. Inflation remains elevated in many of the world’s largest economies, eroding purchasing power and leading central bankers to keep monetary conditions tight. Geopolitical risks are also intensifying, bringing additional uncertainty to the global economy as the war in Ukraine continues and Hamas and Israel enter open conflict after a devastating attack in early October. With much of Europe still teetering on the cusp of a recession and demand in China weak, a resilient U.S. economy is a global bright spot, but it is unclear how long this will last as headwinds mount.

Key Takeaways

  • Consumer confidence decreased in September in 26 of the 43 countries tracked by Morning Consult.
  • Consumer confidence bounced back in Egypt in September after falling in recent months, with the Morning Consult Egypt Index of Consumer Sentiment rising 7.5 points — the strongest increase among the 43 countries tracked.
  • Switzerland had the largest decline in the Index of Consumer Sentiment, falling 15 points — 14.3% — from August to September.

About the authors

A headshot photograph of John Leer
John Leer
Chief Economist

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]

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]