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Inflation is taking its toll, and consumers are feeling less trustful of retailers and restaurants as consumer confidence dropped to its lowest point since May 2021, with the national index touching the 46.9 mark, per Refinitiv/Ipsos’s Global Consumer Confidence Index.
- The survey, which polled 1,000+ US adults, reflected the first time the number fell below the 50-point mark since December 2020.
- “Low-income consumers are being squeezed the most in the absence of stimulus checks that last year boosted their cash flow,” Thomas Alonso, senior analyst at Refinitiv, told WWD. “On top of that, they are facing higher inflation that is diminishing their spending power.”
All over the world: Outside of the US, the survey, which was fielded from June 24 to July 8, included 17,000 adults in 27 additional countries.
- Overall, the report found that the US, Japan, Germany, Great Britain, France, and Italy are dealing with their lowest consumer confidence levels in over a year.
Meanwhile, Saudi Arabia and China were leading the pack in consumer confidence, with their National Indexes coming up above 70, followed by India (63.9), Sweden (54.5), Australia (53.5), the United States (51.7), Canada (50.8), and Mexico (50.2) that also floated over the 50-point mark.—JS