Consumers around the world are likely to spend more cautiously in the coming months amid political and economic uncertainty, according to a new report that surveyed shoppers in 64 countries, the Washington Post reported. Shoppers said that they have cut back on clothing and entertainment costs in the past year, and have taken measures to save on gas and electricity, according to the Conference Board Global Consumer Confidence Survey, conducted in collaboration with Nielsen. Consumers in Europe and Latin America are buying cheaper alcohol and groceries, while Asian shoppers are scaling back their annual vacations. Consumers in more than half of the 64 countries surveyed said they expect economic conditions to worsen in the coming year, the survey found. Uncertainty over international trade negotiations, as well as Brexit and whatever President Trump might do or say next have taken a toll on how much people plan to spend, particularly in North America and Europe, Dahlhoff said. Overall, the Global Consumer Confidence Index slipped one point to 106 in the first quarter of 2019. “Despite the high levels of confidence globally, consumers in different markets have different views about where the economy is heading in 2019,” said Bart van Ark, global chief executive of The Conference Board. “The majority of global consumers do not expect conditions to become more favorable over the next twelve months."
