Consumer confidence has hit the skids, according to the Morning Consult survey, which reports that its consumer sentiment rating today hit its lowest point since tracking began two years ago.
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The spread of COVID-19 pandemic and plunging global financial markets drove the consumer sentiment gauge down 3.58 percent over the weekend and 8.27 percent since Jan. 1.
More than a quarter (27 percent) of respondents say they are worse off today than a year ago and 15 percent expect their personal finances will worsen over the next 12 months.
Forty percent of respondents expect widespread unemployment or depression during the next five years.
Morning Consult surveyed nearly 15,000 people in a dozen countries for its consumer sentiment gauge.
Since Jan. 1, confidence is down in Japan (11.97 percent), UK (9.65 percent), Germany (5.99 percent) and France (4.51 percent).
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