Consumers show more confidence
By Susan Fenton |
October 29, 2009, Thursday
|
Print Edition
Print Edition
GLOBAL consumer confidence is rebounding, and in the United States it has risen for the first time since 2007, amid signs the world economy is picking up although spending is still restrained, a survey showed yesterday.
Confidence was highest in India, followed by Indonesia and Norway, and was weakest in Japan, Latvia, Portugal and South Korea, although in South Korea it had improved markedly, according to a quarterly survey by The Nielsen Company, conducted between September 28 and October 16.
"Consumer confidence is rising faster in BRIC countries than other markets, driven by increasing job prospects," said Oliver Rust, managing director of Nielsen Hong Kong.
In the US and Europe, high unemployment continued to discourage spending on big-ticket items although confidence had improved as the worst appeared to be over for those economies, New York-based Nielsen said.
In the US, consumer sentiment rose from three months ago for the first time since early 2007.
The data contrasts with a Conference Board index of US consumer confidence, which was released on Tuesday, which showed a sharp deterioration in confidence this month.
The Nielsen Global Consumer Confidence survey had the US reading at 84, up 4 points from a similar survey in July, but below the global average reading of 86 and well below India's score of 120.
"While consumer confidence in the US edged up 4 index points, that hasn't translated into spending confidence for the vast majority of American consumers," said James Russo, vice-president, global consumer insights at The Nielsen Company.
"Clearly, this recovery will be manifested in measured and restrained spending as consumers work to repair their balance sheets."
Confidence was highest in India, followed by Indonesia and Norway, and was weakest in Japan, Latvia, Portugal and South Korea, although in South Korea it had improved markedly, according to a quarterly survey by The Nielsen Company, conducted between September 28 and October 16.
"Consumer confidence is rising faster in BRIC countries than other markets, driven by increasing job prospects," said Oliver Rust, managing director of Nielsen Hong Kong.
In the US and Europe, high unemployment continued to discourage spending on big-ticket items although confidence had improved as the worst appeared to be over for those economies, New York-based Nielsen said.
In the US, consumer sentiment rose from three months ago for the first time since early 2007.
The data contrasts with a Conference Board index of US consumer confidence, which was released on Tuesday, which showed a sharp deterioration in confidence this month.
The Nielsen Global Consumer Confidence survey had the US reading at 84, up 4 points from a similar survey in July, but below the global average reading of 86 and well below India's score of 120.
"While consumer confidence in the US edged up 4 index points, that hasn't translated into spending confidence for the vast majority of American consumers," said James Russo, vice-president, global consumer insights at The Nielsen Company.
"Clearly, this recovery will be manifested in measured and restrained spending as consumers work to repair their balance sheets."
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