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AsiaPac Consumers Top Global Confidence Ratings
Global consumer confidence remains at 2005 levels, with consumers still cautious about spending, according to ACNielsen's Global Consumer Confidence Index. The most confident respondents were found in India, Norway and Denmark.
The overall 2006 ACNielsen Global Consumer Confidence Index figure of 98 is the same as that for November 2005. India's top rank (this time with an index of 131) is its third in a row (the index was established in early 2005). Norway and Denmark scored 130 and 127 respectively.
Asia Pacific continues to house the most optimistic consumers with six of the Global Top 10
markets surveyed situated in the region. Compared to the previous period, moreover, Hong Kong
(111), Indonesia (111), Singapore (110), and the Philippines (100) showed strengthened
optimism. In turn, New Zealand and Korea had the most marked dip in confidence, but whereas New Zealand consumer sentiments remain well above the regional average, Koreans still prop up the regional table with an index of 54.
[chart 1]
Consumers continue to cite the Economy (47%), Health (37%), and Job Security (31%) as their major concerns for the next six months. The Economy ranked highly in Asia Pacific and North America than elsewhere. Europeans are most concerned about Health, although in the UK Health lost the top spot to concerns about job security. Asia Pacific also claims 8 of the ten markets most concerned about the economy, led by Thailand (77%), Malaysia (71%), and Indonesia (70%), but the region's consumers have favorable expectations regarding job prospects and their own finances.
Consumers in Asia Pacific are confirmed as the world's biggest savers – 54% will put their spare cash into savings, compared to 37% of North Americans and 29% of Europeans. Asian markets fill the top ten spots with Thailand (70%) first. Ashok Charan, MD of ACNielsen Research Singapore comments: 'It is only in India, where optimism has been strong over three consecutive periods, that consumers voice clearer confidence about spending. The rest of the region's
consumers may be waiting for more sustained positive signals from the economy before showing
greater willingness to spend.'
Worldwide, Holidays/Vacations top the list of ways to spend spare cash (34%), followed by Out of Home Entertainment (33%), Paying off debts/credit card bills/loans (32%), and Clothes shopping (31%).
[chart 2]
Eleni Nicholas, Group MD for ACNielsen UK & Ireland, says rising jobless numbers have raised British consumers' concern for their jobs to its highest level in many years. One in five Brits are now worried about job security. Nicholas says rocketing personal debt and financial vulnerability have 'fuelled the nation's insecurity about keeping their jobs'. She predicts that the well publicized influx of Eastern Europeans entering the UK – which hit the headlines after the survey was conducted in June - will result in concerns about job security reaching new levels over the next year.
The study, the ACNielsen Online Consumer Confidence and Opinion Survey is the largest half-yearly survey of its kind worldwide. The Consumer Confidence Index combines consumers' confidence in the job market, status of their personal finance and their readiness to spend. For the latest round, Nielsen polled about 21,780 internet users in 40 markets including countries in Europe, Asia Pacific, North America andthe Baltics, in late May/early June.
The company is online at www.acnielsen.com .
Full list of markets covered: Australia (Aus), Austria (AT), Belgium (Bel), Canada (Can), Denmark (Den), Finland (Fin), France (Fra), Germany (Ger), Greece (Gre), Hong Kong (HK), India (Ind), Indonesia (Indo), Ireland (Ire), Italy (Ita), Japan (Jpn), Korea (Kor), Malaysia (Mal), Netherlands (NL), New Zealand (NZ), Norway (Nor), Philippines (PH), Poland (Pol), Portugal (Por), Russia (Rus), Singapore (SG), South Africa (SA), Spain (Spa), Sweden (Swe), Switzerland (Swi), Taiwan (TW), Thailand (TH), Turkey (TR), United Kingdom (UK), United States (US), Czechoslovakia (Cze), Hungary (Hun), Vietnam (Vnm) and the Baltics (Bal) which covers Estonia, Latvia and Lithuania.
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