Q2 Drop in Global Consumer Confidence Largest in Survey’s History, Says Conference Board
Deteriorating job prospects and “rising anxieties” about personal finances drove a record decline in global consumer confidence in Q2, reported the Conference Board Wednesday. Nielsen canvassed 33,000 consumers online in 68 countries in May, finding consumer confidence dropped to 92…
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points in Q2 from a “near-historic” high of 106 early in Q1, before the COVID-19 pandemic “significantly expanded beyond China,” it said. A score above 100 shows optimistic consumers outnumber pessimistic people. A reading below 100 shows the opposite. The 14-point Q2 drop was the largest “period-on-period decline” since the launch of the index 15 years ago, said the board. The latest decline also was twice that of the largest drop during the 2008 global financial crisis, it said: “Early signs of economic rebound in several markets do not necessarily portend a quick recovery in consumer confidence in the coming months. Countries vary in their approaches to containing the pandemic, managing the direct impacts on employment and income, and the trust populations have in their governments.”