Global consumer confidence is slowly rising with more optimism about economy and job prospects, according to the latest consumer confidence index. Confidence in UAE jumped three points from the previous quarter, making the country the fifth most optimistic nation in the world.
Global consumer confidence is slowly, but steadily rising since Q1 2012, with people more optimistic about job prospects than their personal finances. This rather a trend of cautious optimism as there are still various concerns in many regions. While economy and employment were considered the biggest challenges for Europe and North America, they are now replaced by increasing concerns about war and terrorism. However, the global consumer index shows that every region is rising its score and for the third quarter of the year, the average global has reached 98. The index is compiled after analyzing data from the Nielsen Global Consumer Confidence Survey, which was conducted online among 30,000 consumers in 60 different markets. It measures people’s perceptions about local job prospects, their personal finances, as well as their immediate spending intentions.
India is the most optimistic nation with a score of 126. Scores higher than 100 indicate optimism, while any number below shows a level of pessimism. Indonesia is closely following with 125 points, the Philippines are with 115, and Thailand has scored 113. With 112 points, the United Arab Emirates is the fifth most optimistic nation in the world and in terms of consumer confidence. It also has the highest score in the region. 73 percent of the people in the UAE are positive about the job market and 64 percent of the expats expect their personal finances to improve in the next 12 months. This of course, has a direct influence on the immediate spending intentions of people. Only 13 percent of them say they had no spare money, but the biggest concern for them is the job market (38%) and surprisingly, their parents’ welfare and happiness.
Italy is the most pessimistic country in the world is Italy (47 points), followed by Croatia (49 points), Serbia (51 points), and South Korea (52 points). In fact, most of the countries in the bottom end of the list are in Europe, compared to those in the top 10, which are mostly located in the Asia Pacific region.
Top 10 Most Optimistic Countries in Q3 2014
- India, 126 points
- Indonesia, 125
- Philippines, 115
- Thailand, 113
- UAE, 112
- China, 111
- United States, 108
- Hong Kong, 107
- Saudi Arabia, 105
- Denmark, 104