NEW YORK, Oct. 11, 2021 /PRNewswire/ — Global consumer confidence advanced to another record high in the third quarter of 2021, according to The Conference Board® Global Consumer Confidence Survey. However, Q3’s gains were fueled largely by a powerful rebound in India—the first country crippled by the Delta wave earlier this year—and belied decreases in other major economies where the highly infectious viral variant impacted growth.
Overall, global consumer confidence climbed to 115 in Q3 2021, up from 109 in Q2. (A figure above 100 is considered positive.) Confidence rose in 40 of 65 markets (62%) surveyed, led by a 57-point gain in India. If India were excluded, the Global Consumer Confidence Index would have ticked down—from 108 in Q2 to 106 in Q3. Major economies including the US, China, Mexico, Australia, much of Eastern Europe, and several smaller Asian emerging markets all saw confidence decline as Delta fueled renewed lockdowns, factory closures, supply chain disruptions, increased inflationary pressures, and delayed labor market recoveries.
“While consumer confidence remains historically high globally, regional weakness linked to the Delta variant casts a pall over prospects for spending and economic revival through the rest of 2021,” said Dana Peterson, Chief Economist of The Conference Board. “These setbacks notwithstanding, consumer spending intentions, job prospects, and personal finances remain elevated and signal continued recovery through 2022, where we project global GDP to grow by 3.9%—a full percentage point higher than the average in the wake of the Great Recession (2011-2019).”
Q3’s sharp regional divergence in confidence closely track the spread of the Delta variant—with India leading the way in optimism after being the viral epicenter earlier in 2021:
Recession concerns rose slightly in Q3 after dropping substantially earlier this year, while inflation and climate rose on the list of consumer concerns
About The Conference Board The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org.
Logo – https://mma.prnewswire.com/media/624268/The_Conference_Board_Logo.jpg