Consumer confidence in Asia rose to 128 in 2021 Q4, driven by improving consumer sentiment across most markets. Twelve of 14 markets in Asia saw an increase in their headline readings in Q4, with significant improvements in Malaysia, Thailand, Indonesia, and Taiwan. Asian consumers continued to be more optimistic than those in any other region tracked by the survey. Much of the Q4 optimism across the region can be attributed to declining COVID cases, increases in vaccination rates, and thus loosened mobility restrictions. However, this high level of confidence is unlikely to last. Due to the now rapidly rising number of Omicron cases globally, several Asian markets have already adopted tightened mobility and border policies, and undoubtedly, more economies will follow suit over the coming weeks. A new COVID wave in the region could lead to the re-adoption of “zero-tolerance” strategies, which will likely dampen consumer confidence.