Economics
Global Consumer Confidence Report: December 2023
Report summary
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.
Key Takeaways
- Consumer confidence increased in November in 28 of the 43 countries tracked by Morning Consult.
- Norway experienced the largest increase in confidence last month, with the Morning Consult Norway Index of Consumer Sentiment rising 6.8 points from October to November.
- Colombia recorded the largest decline, with confidence falling 4.8 points. While inflation is slowing in the Andean economy, it remains elevated. However, a surprise economic contraction in the third quarter may lead policymakers to start unwinding tight monetary policy.
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.
Follow him on Twitter @AKhanMC. For speaking opportunities and booking requests, please email [email protected]
