Record High Q3 Global Consumer Confidence Belies Delta Woes

 

Record High Q3 Global Consumer Confidence Belies Delta Woes   An analysis by Lynn Franco, Senior Director, Economic Indicators and Surveys

 

 

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Global consumer confidence advanced to another record high in the third quarter of 2021, according to The Conference Board® Global Consumer Confidence Survey. However, Q3’s gains were fueled largely by a powerful rebound in India—the first country crippled by the Delta wave earlier this year—and belied decreases in other major economies where the highly infectious viral variant impacted growth. While consumer confidence remains historically high globally, regional weakness linked to the Delta variant casts a pall over prospects for spending and economic revival through the rest of 2021. These setbacks notwithstanding, consumer spending intentions, job prospects, and personal finances remain elevated and signal continued recovery through 2022, where we project global GDP to grow by 3.9%—a full percentage point higher than the average in the wake of the Great Recession (2011-2019). For more granular information and insights on this global quarterly survey please visit our website.