Global consumer sentiment improved in November after deteriorating in recent months in some of the world’s largest economies. The month-over-month improvement was driven in large part by the United States, China and Europe, but headwinds are mounting in each of these economic powerhouses.
In the United States, slowing inflation supported an increase in confidence for much of 2023; however, this impulse has waned, and sentiment has stalled as persistently elevated prices continue to weigh on the consumer mood and signs of cooling in the economy emerge. In China, confidence was already on the downturn at the end of November as Beijing ponders additional stimulus for 2024. Meanwhile, many of Europe’s largest economies are struggling with tepid growth. In this environment, bets are increasing for interest rate cuts in 2024 as weaker economic growth and labor market issues potentially displace inflation as the top concern of consumers and central bankers alike.
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