The Conference Board’s survey of global consumer confidence sees global optimism on the rise, but mixed outlook as vaccination progress and reopenings diverge globally
NEW YORK, July 15, 2021 – According to The Conference Board’s Global Consumer Confidence Survey, global consumer confidence hit a new high in the second quarter of 2021, a measure of the rise in economic activity, the easing of travel restrictions, the distribution of vaccines, and the decrease in COVID-19 cases in many areas. However, many consumers around the world remain concerned about the health, economic recovery, and employment prospects due to an uneven surge in COVID-19.
The survey found that overall consumer confidence globally rose slightly to 109 in the second quarter of 2021, from 108 in the first quarter (a figure above 100 is considered positive). The global index now exceeds the score of 106 recorded at the start of the pandemic in the first quarter of 2020 and is the highest score recorded since the start of the survey in 2005. Confidence increased in 42 of the 65 markets surveyed (65 %), the largest increases both for regions such as North America and Europe, where vaccination rates are relatively high. On the other hand, confidence has declined in areas affected by new infections, low vaccine availability, and ongoing economic restrictions.
Consumer confidence continued to rise globally in the second quarter, but at a much slower pace than the 10-point gain in the first quarter, said Dana Peterson, the chief economist at the Conference Board. This reflects a global economic recovery that remains very uneven, and many economies are still struggling to contain COVID-19 due to a shortage of vaccines, new variants, and bottlenecks in the supply chain that are pushing up costs. price. Nonetheless, the high level of consumer confidence globally bodes well for spending and hence the global economic recovery in the second half of this year and into 2022.