The global economy may be fragile but consumers still feel good about their situation, new data from Ipsos shows.
The Ipsos Global Consumer Confidence Index — which measures consumer confidence across 24 countries — came in at 48.7 for January, just 1.5 points below an all-time high of 50.2 set in May 2018. The index also bounced from its lowest level in two years. Consumers in the U.S., Britain, Argentina and South Africa were among those whose confidence grew the most, the data showed.
This consumer resilience seen around the world comes even as experts fret over the state of the global economy. In late December, the International Monetary Fund trimmed its global growth forecast for 2020 to 3.5% from 3.6%, citing potential risks geopolitical tensions and deflationary pressures.
Manufacturing activity in the euro zone contracted last month while the U.S. manufacturing sector fell to its worst level since June 2009.
Nicolas Boyon, senior vice president of public affairs at Ipsos, said consumers remain confident despite the slowdown given their employment security and market outlook.
"The job situation has improved in a lot of places," he said. "Even in a number of European countries, it is better than it was five or 10 years ago."