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As COVID-19 has spread rampantly across the globe, lockdowns, business closures, and rising unemployment have slashed consumer confidence, and with it consumer spending. In 2020 Q2, The Conference Board® Global Consumer Confidence Index fell sharply from a near historic high of 106 in Q1 to 92, indicating there were more pessimistic consumers than optimistic ones globally for the first time since 2016 (a reading below 100 is considered negative). The 14-point drop is the largest quarterly decline since the index began in 2005 Q1 and is double the largest drop in the index during the global financial crisis in 2008/09.
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