Consumer confidence — or spending — is higher in Australia now than before the pandemic. In general, consumers in the Asia-Pacific region show the highest level of confidence among the 12 countries included in an analysis by the Morning Consult. “This data provides a leading indicator of the strength of global consumer spending,” it says “and sheds light on the future trajectories of the global economy.”
China, somewhat of an outlier, experienced relative stability over the last year after taking “drastic measures to limit the spread of the virus,” the report says. Though consumer confidence is slowly rising in other regions, some countries — such as in Europe and the U.S. — have yet to see a notable or consistent difference in consumer confidence. Germany, especially, is lagging behind its neighboring countries due to stricter lockdowns and a low vaccination rate.
Experts predict a rebound later this year in the U.S., assuming vaccines remain constant and another stimulus package is disbursed by the federal government.