Global consumer confidence rose slightly in July, though American sentiment weakened compared to the same period last year. The latest Ipsos survey, which covers 30 countries, showed the Global Consumer Confidence Index at 49.0, matching the neutral threshold. The Legacy 20 measure—tracking the same 20 countries since 2010—recorded 47.4, indicating a gradual recovery from pandemic lows.
US confidence slips on annual basis
The United States posted an index score of 51.0, staying above the neutral midpoint and ahead of several major developed-market peers including Canada (49.4), Great Britain (46.2), Germany (42.3), France (41.6), and Japan (39.7). While confidence in the country increased 1.9 points from June, the year-over-year decline of 2.8 points was one of the more notable annual drops among developed markets tracked in the survey. That annual softening places the US alongside Great Britain (down 5.8 points year over year) and Germany (down 7.1 points) as developed economies where consumers are feeling meaningfully less confident than they were a year ago.
Canada demonstrated more stability. Its score of 49.4 was fractionally above the Global Legacy 20 average of 47.4 and roughly in line with the North America regional average of 50.2 (based on legacy country data). Canadian confidence was essentially flat month over month, with a 0.5-point gain from June, and showed a modest year-over-year improvement of 1.4 points compared to July 2025—a more stable trajectory than the US decline over the same period.
A persistent gap exists between job optimism and economic sentiment. The Jobs Index stood at 60.0 in July, the highest of the five sub-measures tracked, while the Current Index, which reflects consumers’ assessment of present economic conditions, was significantly lower at 36.5. The gap between jobs optimism and current economic conditions has been a persistent feature of post-pandemic confidence data globally, and the July readings suggest it remains wide for advisors trying to calibrate client sentiment.
Related: CFA Institute Maps AI’s Impact on Capital Markets
Emerging markets lead the rebound
India remained the highest-scoring country in the survey at 67.1, followed by Sweden (58.6), Malaysia (57.0), and Singapore (54.1). On the other end, Japan (39.7), France (41.6), Argentina (41.8), Chile (42.0), and Germany (42.3) sit at the bottom of the 30-country ranking.
Month-over-month, the largest gains came from Argentina (+4.4 points), Singapore (+3.6), India (+3.2), and Israel (+3.1). Colombia (down 2.6 points) and South Korea (down 2.2 points) recorded the most significant monthly declines. Over the past 12 months, the year-over-year shifts are more striking. Hungary led all countries with a gain of 15.4 points compared to July 2025, followed by Thailand (+7.9) and Peru (+6.1). At the other end, Indonesia fell 10.1 points year over year—the sharpest annual decline in the survey—while Germany dropped 7.1 points and Great Britain fell 5.8 points.
The broader pattern across the 17-year trend data in the report is notable: global confidence collapsed sharply at the onset of the COVID-19 pandemic in March 2020 but has largely recovered since, with the jobs outlook remaining consistently the strongest sub-index measure across the legacy country sample. The investment and current condition indices remain more subdued, suggesting consumers are employed but cautious about spending and investment.
Leave a Reply