Even the pundits are wondering what might be next as the impossible-to-predict path of the pandemic seems to defy all logic and reason.At that point even the boldest brands have decided to err on the side of caution. Around the world, consumers and retailers have revised their outlook and expect that it will take longer – about six to 12 months – for their respective economies to show solid improvement.Carriers are still restoring some Asia-EU capacity for the near future, but they have cancelled sailings at a higher rate than on Asia-US lanes for Aug-Oct, indicating that carriers are less optimistic about the strength of peak season for Europe than for the US at the moment, said Ethan Buchman, CMO at Freightos.Market Sentiment in Leading NationsAustralia: Rising Confidence“Although there was a marginal improvement in how people felt about their financial conditions, confidence in economic conditions continued to deteriorate,” said Catherine Birch, senior economist at ANZ.An ANZ-Roy Morgan consumer confidence survey revealed that 35 percent (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year compared to 18 percent (down 1ppt) that expect to be ‘worse off’ financially.China: Steady ImprovementRetail sales in China continue to catch up with production but are still behind last year’s levels. However June was only 1.8 percent below 2019 sales, an improvement from May where sales were down 2.8 percent year-on-year, according to Moody's Analytics.China’s central and local governments have been rolling out a series of supporting policies to shore up the confidence of businesses and ease some of their compliance burdens, besides ensuring steady medical supplies and daily necessities.The support programs have been extensive and include tax and fee reductions, rent waivers, shopping coupons and more.France: Looking Long TermAlthough most containment measures have been lifted, French consumer sentiment remains pessimistic. Only 17 percent of consumers think the economy will rebound in 2-3 months, according to a survey by McKinsey & Co. The majority are expecting that recovery won’t happen for at least six months, and more likely will lead to some sort of recession.Germany: Growing ConfidenceOptimism increased heading into July, thanks to lockdowns being lifted."The extensive support provided by the economic stimulus packages, such as the announcement of a temporary reduction in VAT is certainly a contributing factor," said GfK's consumer expert Rolf Buerkl."Provided that retailers and manufacturers also pass these reductions on to consumers, it can be assumed that one or two planned purchases will instead be made in the second half of 2020, thereby supporting consumption this year,” he added.Japan: Consumers More Confident, Business Not So MuchConsumer confidence showed strong improvement in June, but is still well below 2019 levels. Retail sales also continued to rise, but are well below historic levels, according to Japan Macro Advisors.The Bank of Japan's latest quarterly Tankan survey shows that business confidence among large manufacturers plunged to the lowest level in over a decade.The Netherlands: CautiousThe Dutch are slightly more optimistic about the economic future than they were a few months ago, however they expect the impact of COVID-19 to continue to last well over two more months, according to a report from McKinsey & Co. In the short term, consumers have cut back on spending across nearly all categories.Only 18 percent are optimistic, while 59 percent believe that the pandemic will impact the market for another 6-12 months.UK: Gradual ImprovementAfter the nation’s consumer confidence index fell to its lowest level ever in May, there are finally signs of improvement in June. The lifting of the lockdowns has played a key role in giving consumers hope. Despite the early signs of improvement, Joe Staton, client strategy director at GfK warned that the economy remained in an extremely fragile state.USA: Uncertain as Virus Still SpikesThere is too much uncertainty in the market right now due to the resurgence in COVID-19 cases in the United States, the impact of store reclosures in some regions, and the tariff situation in the US-China trade war, to confidently predict what the holiday shopping season will look like this year, Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, said during a JOC webcast. He expected that retailers would “remain cautious” for the rest of the year.