The Conference Board® Global Consumer Confidence Survey Finds Elevated Global Optimism but Mixed Prospects as Progress on Vaccinations and Reopenings Diverge Worldwide
NEW YORK, July 14, 2021 /PRNewswire/ -- 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:
The record-setting global economic confidence was driven by declining COVID-19 cases, reopening of economies, and loosening of restrictions, but major health and economic woes remain elsewhere:
Overall, the second quarter of 2021 saw the world's consumers inch back toward more typical pre-pandemic spending patterns:
Fewer consumers believed their country is in a recession—but concerns over health, the economy, and job security remain elevated.
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