Global consumer confidence ticked up to another record high in the second quarter of 2021, according to The Conference Board® Global Consumer Confidence Survey, as economic activity improved, mobility restrictions were loosened, vaccines were distributed, and COVID-19 cases declined in many regions. But concerns over health, economic recovery, and job prospects remained for many consumers worldwide amid an uneven reemergence from COVID-19.
The survey found that overall global consumer confidence rose slightly to 109 in Q2 2021 from 108 in Q1 (a figure above 100 is considered positive.) The global index now surpasses the 106 reading registered at the pandemic’s onset in Q1 2020 and is the highest recorded since the survey began in 2005. Confidence rose in 42 of 65 markets (65%) surveyed, with the strongest gains in regions like North America and Europe with relatively high vaccination rates. On the other hand, confidence declined in regions wrestling with new infections, low vaccine availability, and ongoing economic restrictions.
“Consumer confidence continued to climb worldwide in Q2, albeit at a much slower rate than the 10-pt gain recorded in Q1,” said Dana Peterson, Chief Economist of The Conference Board. “This reflects a global economic recovery that remains highly uneven, with many economies still struggling to contain COVID-19 amid a shortage of vaccines, new variants, and supply-chain bottlenecks that are raising prices. Nonetheless, the elevated level of global consumer confidence bodes well for spending and, consequently, the global economic revival in the second half of this year and into 2022.”
Additional takeaways include:
Spending intentions drove Q2’s confidence gains. Among the three drivers of overall consumer confidence, spending intensions were solely responsible for the uptick in global sentiment. The proportion of respondents reporting that now was a “good” or “excellent” time to buy needed or wanted goods and services edged up, with the improvement most notable in North America, Asia-Pacific, and Europe. Meanwhile, perceptions of job prospects and personal finances remained relatively unchanged.
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.
For further information contact:
Joseph DiBlasi
781.308.7935
JDiBlasi@tcb.org
Jonathan Liu
732.991.1754
JLiu@tcb.org
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