Economics
Global Consumer Confidence Report: March 2024
Report summary
Consumers provided a mixed response to economic and political developments in February. Consumer confidence increased in 18 of the 43 countries tracked by Morning Consult. Most consumers essentially hit the pause button, only moderately revising their views of and expectations for their personal finances and broader business conditions. Longer-term context is important, and consumers are broadly more optimistic than they were a year ago, highlighting the progress global policymakers have made in fighting inflation and maintaining economic growth.
Key Takeaways
- All five components of the Morning Consult U.S. Index of Consumer Sentiment rose in February, continuing the trend of broad-based increases since December 2023.
- Consumer sentiment trends across Europe were mixed in February, with monthly decreases in 6 of the 16 countries tracked by Morning Consult. This lackluster performance through the first two months of 2024 is consistent with the European Commission’s downward revision to its growth forecast.
- New-Year’s optimism faded across the Asia-Pacific region, with consumer sentiment falling or remaining essentially unchanged in 10 out of the 12 countries in the region tracked by Morning Consult.
About the authors
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]
Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.
Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]
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]
