Consumer confidence has increased in 24 out of the 28 markets included in the Nielsen Global Consumer Confidence Index, with consumers increasingly optimistic that an end to the global economic crisis is in sight.
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The index rose five points to 82 in June, up from 77 in March. Nielsen said that the rise was spurred by renewed consumer optimism and stock market gains in BRIC markets (Brazil, Russia, India, China) and in key Asian countries.
“In the previous Nielsen Global Consumer Confidence survey conducted in March, we were seeing the first signs that as far as the world’s consumers were concerned, the recession had bottomed out. Three months later, they’re starting to embrace the idea of recovery — which is a major turning point,” said Jonathan Banks, Nielsen business insights director.
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In Nielsen’s latest survey, which polled 14,029 online consumers in 28 countries late in June, 71% of respondents thought their country was in recession, compared to 77 in March 2009.
“The BRIC and Asian markets have recorded the greatest jumps in Consumer Confidence Indices in the past three months,” noted Banks. “Consumer confidence in India jumped 13 index points, and climbed nine points in Japan, South Korea, Hong Kong and Indonesia. Consumer confidence rose eight index points in Taiwan and Brazil, and seven points in Singapore, Turkey, Russia, Philippines and the UK.”
In the US and New Zealand consumer confidence remained flat. Germany was the only country to register a decline in confidence, of one index point.
“This is one of the strongest indicators of a global consensus among consumers that the worst is over, and that finally, there is light at the end of this long tunnel. And consumers in emerging and Asian markets are clearly of the view that they are driving in the recovery lane now,” added Banks.
