Global consumer confidence is officially on the mend. According to new data for the week of June 8, 2026, the global Index of Consumer Sentiment (ICS) four-week moving average ticked up to 96.8. That marks a 0.6-point gain and the seventh consecutive week of growth since hitting a low of 92.8 back on April 19, according to fresh data from Morning Consult.
This steady climb shows shoppers around the world are starting to bounce back from the sharp drop in sentiment that immediately followed the start of the US-Iran war. The data indicates that the resulting energy shock did not trigger the total economic collapse many initially feared. Instead, consumers have largely adapted, shifting their daily spending priorities to make ends meet.
A clear dividing line has emerged between energy importers and exporters. China is the biggest standout in the new numbers, exhibiting extreme resilience with its index reaching an all-time high of 176.2. The country managed to dodge the worst of the Hormuz shipping disruptions because it relies heavily on Russian pipeline oil.
Meanwhile, neighboring Japan and Australia are still feeling the heavy squeeze of high liquefied natural gas costs, sitting 13% and 10% below their January baselines, respectively. However, historical tracking shows Australian confidence usually follows China’s gains with a slight lag, and current data suggests that trend is starting to play out again.
Looking at the Americas, the United States saw its four-week average rise almost a full point to 86.8. According to Morning Consult’s proprietary data, there is little evidence that the recent energy shock pushed global unemployment higher. In fact, the U.S. economy has actually strengthened over the last ten weeks as trade policy worries fade and the artificial intelligence sector continues to expand. Down south, Brazil fully recovered from its initial post-war slump and sits comfortably above pre-war levels thanks to strong commodity prices. On the other hand, Argentina and Chile remain heavily bruised by the war’s economic fallout.
Across the Atlantic, European nations like Spain, Italy, France, and Germany are all posting early signs of a bounce-back from their post-war lows. Interestingly, major oil players like Saudi Arabia and the United Arab Emirates saw their consumer sentiment soften since the conflict began. Even with oil prices remaining high, consumers in those Gulf nations appear to be reacting more to cooling global demand than to domestic energy revenues.
Despite the current wave of relief, the overall market remains fragile. Nine out of the 43 tracked markets are still stuck more than 10% below where they started the year. The US-Iran ceasefire holds for now, but any collapse in the truce could easily send energy prices spiking again and test household budgets.
The data also notes that this temporary bounce-back period will eventually fade, forcing global consumers to face longer-term financial realities. Pre-existing economic struggles in countries like Argentina, Australia, and Russia will come back into focus. Additionally, the Hormuz energy crisis has increased the likelihood of higher interest rates in the U.S. and Western Europe. This could dampen expectations for rate cuts and push down stock market valuations, which would ultimately weigh heavily on consumer sentiment moving forward.
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