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Article

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

by
Deimante Teresiene
1,*,
Greta Keliuotyte-Staniuleniene
1,
Yiyi Liao
2,
Rasa Kanapickiene
1,
Ruihui Pu
3,
Siyan Hu
4 and
Xiao-Guang Yue
5,6,7,8
1
Finance Department, Faculty of Economics and Business Administration, Vilnius University, LT-10223 Vilnius, Lithuania
2
International Research Institute for Economics and Management, Wan Chai, Hong Kong, China
3
Faculty of Economics, Srinakharinwirot University, Bangkok 10110, Thailand
4
International Engineering and Technology Institute, Wan Chai, Hong Kong, China
5
Department of Computer Science and Engineering, School of Sciences, European University Cyprus, Nicosia 1516, Cyprus
6
Rattanakosin International College of Creative Entrepreneurship, Rajamangala University of Technology Rattanakosin, Nakhon Pathom 73170, Thailand
7
School of Domestic and International Business, Banking and Finance, Romanian-American University, 012101 Bucharest, Romania
8
CIICESI, ESTG, Politécnico do Porto, 4610-156 Felgueiras, Portugal
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2021, 14(4), 159; https://doi.org/10.3390/jrfm14040159
Submission received: 1 March 2021 / Revised: 27 March 2021 / Accepted: 28 March 2021 / Published: 2 April 2021
(This article belongs to the Special Issue COVID-19’s Risk Management and Its Impact on the Economy)
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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.
Keywords: COVID-19 pandemic; economic sentiment; consumer confidence; leading indicators COVID-19 pandemic; economic sentiment; consumer confidence; leading indicators

Share and Cite

MDPI and ACS Style

Teresiene, D.; Keliuotyte-Staniuleniene, G.; Liao, Y.; Kanapickiene, R.; Pu, R.; Hu, S.; Yue, X.-G. The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators. J. Risk Financ. Manag. 2021, 14, 159. https://doi.org/10.3390/jrfm14040159

AMA Style

Teresiene D, Keliuotyte-Staniuleniene G, Liao Y, Kanapickiene R, Pu R, Hu S, Yue X-G. The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators. Journal of Risk and Financial Management. 2021; 14(4):159. https://doi.org/10.3390/jrfm14040159

Chicago/Turabian Style

Teresiene, Deimante, Greta Keliuotyte-Staniuleniene, Yiyi Liao, Rasa Kanapickiene, Ruihui Pu, Siyan Hu, and Xiao-Guang Yue. 2021. "The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators" Journal of Risk and Financial Management 14, no. 4: 159. https://doi.org/10.3390/jrfm14040159

APA Style

Teresiene, D., Keliuotyte-Staniuleniene, G., Liao, Y., Kanapickiene, R., Pu, R., Hu, S., & Yue, X.-G. (2021). The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators. Journal of Risk and Financial Management, 14(4), 159. https://doi.org/10.3390/jrfm14040159

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