Global consumer confidence is back to levels registered before the recession. This fact was revealed by Nielsen in the Q1 2014 Consumer Confidence report. According to it, during the first three months of the year, consumer confidence reached an average of 96 points. This is actually the highest rate registered since 2007.
The research examines consumer’s views and opinions through a number of factors. Among them are, for example, consumer’s spending intentions, job prospects, as well as personal finances.
In just one year, the average global consumer confidence has increased by three points, reaching 96. According to Nielsen, a score of 100 points is a sign of consumer optimism. This means that the world is very close to becoming optimistic again, at least in terms of the global economy.
However, some countries are already standing out with their impressive consumer optimism. Among them is the United Arab Emirates. The country has registered the highest consumer confidence in the entire MENA region thanks to its score of 114 points. Moreover, the UAE is 4th in the global ranking, surpassing even economies like Hong Kong (5), Brazil (8) and Switzerland (9).
Countries in the Middle East and Africa have generally showed a rise in consumer optimism. Both the UAE and Saudi Arabia are in the top 10. In addition, Egypt witnessed one of the biggest confidence jumps in the world – 11 points. More and more people from the region are showing better recessionary sentiments. In the United Arab Emirates, for example, the respondents who believed they were still in recession have decreased by 10% in just one year. Similar is the case in Pakistan, where it dropped by 6%. Also, people in the Middle East and Africa are reported to be more willing to spend on things like entertainment, holidays and home improvement.
Nevertheless, the leading positions in the ranking are dominated by countries in the Asia-Pacific. They even make up more than half of the top 10 entries. Indonesia continues to rule the list with a score of 124 points, followed by India (2) and the Philippines (3). In contrast, European countries can be mainly seen at the bottom of the list. Switzerland (9), Denmark (13), Germany (15), Norway (23) and the United Kingdom (25) are among the few exceptions.
Most optimistic countries in terms of consumer confidence:
- United Arab Emirates
- Hong Kong
- Saudi Arabia
However, the countries that are showing the most impressive improvement are the U.S., Japan and Germany. Just like global consumer confidence, that in the U.S. has reached its highest since Q1 2007. As for consumer confidence in Japan and Germany, it has surpassed even the levels registered back in 2005.