Brazil Consumer Confidence Deteriorated Visibly in Aug

Economics Research 25 August 2026 | 7:29AM EDT

Brazil: Consumer Confidence Deteriorated Visibly in Aug; Expectations Component Drops to the Lowest Level in 50 Months (Ramos)

Bottom Line: FGV’s consumer confidence index fell 3.6pt in August to 84.7, following Alberto Ramos | small declines in May, June, and July of 0.3pt, 0.1pt, and 0.4pt, respectively, and reaching Goldman Sachs & Co. LLC its lowest level since November 2022. The headline index was dragged down chiefly by the expectations conditions’ component (-5.4pt to 86.1; lowest level since Jul 2022) and to a lesser extent the current conditions component (-0.6pt to 83.8).

1. The FGV consumer confidence index declined by a large 3.6pt in Aug to 84.7, adding to the small May/Jun/Jul 0.3/0.1/0.4pt declines, and dipping to the lowest level since Nov 2022. 2. The expectations component declined by a large 5.4pt to 86.1 (lowest level since Jul 2022) and the current conditions declined by 0.6pt to 83.8 (-2.6pt in Jul). 3. Both the current conditions and expectations components remain firmly in pessimistic territory.

FGV Consumer Confidence 60 60 Current Conditions Expectations 50 50 Aug-14 Aug-16 Aug-18 Aug-20 Aug-22 Aug-24 Aug-26

Source: FGV, Goldman Sachs Global Investment Research

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Reg AC I, Alberto Ramos, hereby certify that all of the views expressed in this report accurately reflect my personal views, which have not been influenced by considerations of the firm’s business or client relationships. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division. Contributing Authors: Alberto Ramos Goldman Sachs & Co. LLC. Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.

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