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The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators

Author

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  • Deimante Teresiene

    (Finance Department, Faculty of Economics and Business Administration, Vilnius University, LT-10223 Vilnius, Lithuania)

  • Greta Keliuotyte-Staniuleniene

    (Finance Department, Faculty of Economics and Business Administration, Vilnius University, LT-10223 Vilnius, Lithuania)

  • Yiyi Liao

    (International Research Institute for Economics and Management, Wan Chai, Hong Kong, China)

  • Rasa Kanapickiene

    (Finance Department, Faculty of Economics and Business Administration, Vilnius University, LT-10223 Vilnius, Lithuania)

  • Ruihui Pu

    (Faculty of Economics, Srinakharinwirot University, Bangkok 10110, Thailand)

  • Siyan Hu

    (International Engineering and Technology Institute, Wan Chai, Hong Kong, China)

  • Xiao-Guang Yue

    (Department of Computer Science and Engineering, School of Sciences, European University Cyprus, Nicosia 1516, Cyprus
    Rattanakosin International College of Creative Entrepreneurship, Rajamangala University of Technology Rattanakosin, Nakhon Pathom 73170, Thailand
    School of Domestic and International Business, Banking and Finance, Romanian-American University, 012101 Bucharest, Romania
    CIICESI, ESTG, Politécnico do Porto, 4610-156 Felgueiras, Portugal)

Abstract

The COVID-19 pandemic and induced economic and social constraints have significantly impacted the confidence of both consumers and businesses. Despite that, comprehensive studies of the impact of the COVID-19 pandemic on the consumer and business sentiment are still lacking. Thus, in our research we aim to identify consumer and business confidence indicators’ reaction to the spread of the COVID-19 pandemic in the Eurozone, the United States, and China. For this purpose, we used the method of correlation–regression analysis. We chose the consumer-confidence index, manufacturing purchasing manager’s index, and services purchasing manager’s index as dependent variables; and the number of confirmed cases of COVID-19, the number of deaths caused by COVID-19, and the mortality rate of COVID-19 infections as independent variables. The results showed a relatively rapid and robust effect of COVID-19 in the short period, but longer-term results depended on the region and were not so unambiguous: in the case of the Eurozone, the spread of COVID-19 pandemic did not affect the consumer-confidence index (CCI) or, in the cases of the United States and China, affected this index negatively; the purchasing managers’ index (PMI) in the services sector was significantly negatively affected by the mortality risk of COVID-19 infection; and the impact on the purchasing managers’ index (PMI) in the manufacturing industry appeared to be mixed.

Suggested Citation

  • Deimante Teresiene & Greta Keliuotyte-Staniuleniene & Yiyi Liao & Rasa Kanapickiene & Ruihui Pu & Siyan Hu & Xiao-Guang Yue, 2021. "The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators," JRFM, MDPI, vol. 14(4), pages 1-23, April.
    • Handle: RePEc:gam:jjrfmx:v:14:y:2021:i:4:p:159-:d:529243
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