G10 Consumer Dashboard: June 2026: Resilience in Japan

Research evidence excerpt

G10 Consumer Dashboard: June 2026: Resilience in Japan

Economics Research

1 July 2026 | 3:22AM BST

n We update our G10 consumer dashboard through May. G10 consumers generally Megan Peters

+44(20)7051-2058 |

continue to benefit from healthy balance sheets, but labor markets are more megan.l.peters@gs.com

Goldman Sachs International

mixed, sentiment remains subdued (despite a rebound following the US-Iran

deal), and higher energy prices are eroding real incomes, which we expect will

weigh on spending growth in H2.

n Household balance sheets remain strong. Household net worth as a share of

income stands close to all time highs in the US, Japan and Australia, is around

percentile 90 (P90) in Canada and the Euro area, and stands around P55 in the

UK. Since we last published the dashboard, real net worth growth improved to

P90 in Japan, P60 in the Euro area and P45 in Australia but slowed to P55 in the

US, P35 in Canada and P25 in the UK. The saving rate moved sideways at 3.0% in

the US in May following three months of consecutive declines. Elsewhere, the

saving rate remains elevated outside of Japan (Exhibit 10).

n Consumer sentiment rebounded following the US-Iran deal across DMs

(although sentiment ticked back down in Australia in June). In the US, the

University of Michigan’s index of consumer sentiment improved more than

expected in June to 48.9 (vs. 44.8 in May), reflecting a 2.6pt increase in the

current conditions component. The report noted that “consumers [experienced]

some relief due to the early-month easing in gasoline prices” and that

“lower-income consumers exhibited a particularly strong sentiment increase,

consistent with the fact that gasoline comprises a larger share of their budgets”.