Warc, 24 July 2014
NEW YORK: Global consumer confidence rose one point to 97 in Q2 2014, its highest level since the first quarter of 2007, the latest Nielsen Global Consumer Confidence Index has revealed.
Based on responses from 30,000 online consumers across 60 markets, the Nielsen survey also found half of consumers globally expect their job prospects to be good or excellent for the coming year since last polled in the first quarter.
With a score of 100 considered to be the benchmark signalling optimism, Nielsen found confidence to be highest in Asia-Pacific (106), followed by North America (103, up 3 points), Middle East/Africa (93, -1), Latin America (90, -3), and Europe (77, +2).
Although Europe lagged world sentiment, consumer confidence rose in 72% of its 32 markets and only six reported declines, including a sharp increase in Italy (51, +6).
Denmark (106), Belgium (80) and Romania (73) all reported six-point increases while the UK saw an impressive year-on-year rise of 11 points to 90 as its economy outperforms those in the euro-zone.
The Netherlands (81), Ukraine (61) and Croatia (50) each reported five-point rises while confidence in France rose for the second consecutive quarter to 60. However, Portugal (48, -3) was the most pessimistic.
In North America, US consumer confidence continued an upward trend that began in Q1 2013 and half (49%) of Americans said it was a good or excellent time to spend, the highest level reported since 2006. Confidence in Canada rose three points to 102.
"Steady gains across confidence metrics within parts of Europe and buoyant increases in North America strike a positive note with regard to economic recovery in mature markets," said Dr Venkatesh Bala, chief economist at the Cambridge Group, a division of Nielsen.
Turning to Asia-Pacific, India (128, +7) overtook Indonesia (123) to become the most confident market in the world, although Hong Kong (103) and Japan (73) saw the largest declines from the previous quarter, each falling eight points.
Confidence held steady in China (111) and increased in the Philippines (120), South Korea (53) and Malaysia (93), but fell in Australia (85, -4), the country's lowest score since Nielsen began its measurement in 2005.
Colombia (95, +2) was the only country in Latin America to record an increase in the second quarter while Brazil (100), Chile (92) and Venezuela (72) all fell by six points. Mexico fell one point to 85 and Argentina declined by three points to 68.
South Africa (85, +3) posted the only regional confidence increase in MENA, although UAE scored 109, down five points, while confidence held steady in Saudi Arabia (102) and Pakistan (99).
In sub-Saharan Africa, Nigeria (121, +1) was the highest, followed by Kenya (111, +1) and Ghana (103, +6).
Data sourced from Nielsen; additional content by Warc