Global consumer sentiment took another hit this week, sliding 0.4 points to reach its lowest year-on-year level as the conflict in Iran shows no signs of letting up. While Americans are feeling the pinch at the pump as gas prices hit a four-year high, new data suggest the real economic pain is shifting toward the Asia-Pacific (APAC) region.
Morning Consult’s latest Global Outlook, with data through March 31, 2026, shows a world struggling to absorb the costs of high oil prices.
The global average for consumer sentiment now sits at 90.3. However, the topline numbers hide a deepening divide between major world powers and smaller, more vulnerable economies.
While the U.S. saw a tiny 0.1-point bump in sentiment, other nations are cratering. The Netherlands saw a massive 9.8-point drop in confidence over the last week, while Australia fell by 6.4 points. Mexico and Saudi Arabia also posted significant declines as the market reacts to the prolonged instability.
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For U.S. multinationals, the APAC region presents a complicated puzzle. On the surface, the region’s decline in sentiment looks similar to the rest of the world. But analysts warn that China and India are “masking the worst of the fallout.”
China actually saw a 5.7-point increase in confidence, largely because Beijing’s massive oil reserves have shielded its citizens from the global price spikes. Similarly, India has remained steady by sourcing replacement oil that bypasses the volatile Strait of Hormuz.
“When these countries are excluded, the decline in consumer confidence in APAC beats all other regions,” Morning Consult noted in its report. Recent moves by Iran to allow Chinese and Indian ships to transit the area have further insulated those two giants, even as their neighbors face a bleaker outlook.
The report cautions that brands with diverse footprints across Asia should prepare for a drop-off in spending. While the region’s two biggest markets are holding firm for now, secondary price hikes on essentials like food are expected to start hitting households in the coming weeks.
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In Europe, the picture remains grim for the continent’s largest economy. Germany’s outlook is labeled as negative following a 1.1-point slide, while Russia managed a surprise 11.5-point jump in sentiment, bucking the global trend.
As the conflict drags on, the data suggests that geography and energy independence are becoming the primary factors deciding which consumers keep spending and which ones pull back.
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