APAC consumers most optimistic across the globe

Consumers in Asia-Pacific remain the most optimistic of all consumers globally, according to Nielsen’s Q3 2012 Global Survey of Consumer Confidence and Spending Intentions.

Markets in Asia-Pacific made up six of the ten most confident countries in the world over the quarter, with a consumer confidence index of 100, which represents a year-on-year increase of three index points but remains unchanged from the previous quarter.

Consumer confidence rose three index points in North America to 91 and increased one point to 74 in Europe. In the Middle East and Africa, consumer confidence remained flat at 98 and Latin America decreased two index points to 94.

The Philippines, Indonesia and India ranked as the three most optimistic countries globally. Meanwhile, Japan, Korea, Hong Kong and Taiwan are suffering as a result of the ongoing economic downturn.

In Asia-Pacific, approximately 70% of survey respondents said they had altered their spending habits over the last year in order to save money on household goods, 50% spend less on new clothes and 43% on out-of-home entertainment.

Globally, consumer confidence increased one point to 92 during Q3 2012 over the previous quarter and up four index points from the same period in 2011.

Sixty-two percent of respondents feel that they are in a recession, up from 57% in the previous quarter, with consumers in Europe, Latin America and Asia-Pacific most worried.

Globally, 69% of consumers have changed their spending habits in order to save more on household expenses, while 52% spend less on new clothes and 48% less on home entertainment. Forty-seven percent are saving on gas and electricity, while 39% are switching to cheaper grocery brands and 33% cutting down on telephone expenses.

Consumer confidence increased across 30 of the 58 markets measured, while 19 markets saw a decline in consumer confidence and seven remained flat.

The biggest quarterly consumer confidence gains were reported in Switzerland (+10), Belgium (+9), Australia (+8), Thailand (+8), Hungary (+7), Norway (+7), United Arab Emirates (+6), Italy (+5) and Canada (+5).

On the other hand, the biggest confidence declines were seen in Hong Kong (-15), Argentina (-11), South Korea (-10), Vietnam (-8), Colombia (-8), Israel (-7), Venezuela, (-7), Malaysia (-6) and Finland (-5).