Asia Leads Recovery – in Global Consumer Confidence
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Manila, Philippines, 29 July, 2009. It’s consumer confidence that drives markets and precedes recovery, and if the latest poll about economic sentiment around the world means anything, we could be in for good times.
A Nielsen poll found that consumer confidence improved in Q2 of 2009, indicating widespread public hope. [br]
Manila, Philippines, 29 July, 2009. It’s consumer confidence that drives markets and precedes recovery, and if the latest poll about economic sentiment around the world means anything, we could be in for good times.
A Nielsen poll found that consumer confidence improved in Q2 of 2009, indicating widespread public hope. [br]
As stock markets made headway in Asian nations and emerging markets, the Nielsen Global Consumer Confidence Index gained five points from March, up to 82.
The survey polled 14,029 consumers across 28 nations. 71 percent felt their nation was in a recession. 77 percent thought the same in March.
“In the previous 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,” explained Jonathan Banks, business insights director at Nielsen. “Three months later, they’re starting to embrace the idea of recovery – which is a major turning point.”
Banks added that the markets that showed the most confidence were Japan, India, South Korea, Hong Kong, and Indonesia.
The Philippines, Russia, Taiwan, Singapore, Brazil, Turkey and Britain also showed improvement. [br]
“Consumers in emerging and Asian markets are clearly of the view that they are driving in the recovery lane now,” Banks said.
The only country to show a drop was Germany, but it was only by one point. The United States and New Zealand remained flat.
The Philippines remains in good shape, with the average annual GDP growth under Arroyo being the highest in 43 years.
“The Philippine economy is showing signs of recovery and I think that is echoed in public sentiment,” said economics professor Manny Mendoza. “But we still have 30 percent of the country, or 90 million people that live on less than two dollars a day.”
Hiroko Mirofiori, EconomyWatch.com
