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MANILA, Philippines - Consumers seem to be having more fun in the Philippines, with Filipinos ranking third in a global Nielsen survey on people's optimism with spending.
In its Global Online Consumer Confidence, Nielsen said the Philippine consumer confidence index in the first quarter rose a point to 118 from the previous three-month period, with Filipinos sharing the third spot with Indonesians.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
India remained the world’s most optimistic market for the ninth consecutive quarter with a one point quarterly consumer confidence increase to 123.
It was followed by Saudi Arabia at 119.
High indices likewise were reported in Brazil (110), Thailand and Malaysia (107 each), United Arab Emirates (105), Hong Kong (103) and Peru (101).
Hungary, despite a two point quarterly gain, remained the most pessimistic country at 32 index points, followed by Greece, where confidence fell to a low of 37 and Portugal at 39.
Confidence in the southern European nations of Italy, France and Spain fell to low levels, as the job outlook dimmed and personal finances and spending intentions remained restrained for the year.
Global consumer confidence increased five index points to 94 in the first quarter as confidence in 38 out of 56 markets increased, while that in 16 markets fell.
“Households around the globe experienced a brighter personal situation in terms of jobs and personal finances last quarter, especially in the US and in Asia, which was reflected in the improved consumer confidence and higher discretionary spending,” Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen said.
He said the improved confidence led to more discretionary spending from consumers around the world in the past quarter.
“The survey evidence suggests that while consumers are neither as confident nor comfortable with the economy as they would like it to be, they are expressing a pent-up demand to spend as they did prior to the recession. Such a desire for psychological release through the various forms of discretionary consumption reported in the Nielsen survey—all of which act as stress-relievers—is understandable after three years of relentless belt-tightening and uncertainty,” Bala said.
While global economic conditions are more stable than in the depths of the European sovereign debt crisis late last year, the underlying economic conditions are still fragile and fluid in many parts of the world, which could affect consumer confidence and spending momentum for the coming quarter, the economist said.
Nielsen said consumer concern for the economy remained a top worry among one out of every five global respondents at 19 percent —up from 18 percent in the fourth quarter last year.
Other key concerns cited were job security, 15 percent; work/life balance, 10 percent; health, eight percent; and increasing food prices, seven percent.
Established in 2005, the Nielsen Global Survey of Consumer Confidence and Spending Intentions tracks consumer confidence, major concerns and spending intentions among more than 28,000 Internet consumers in 56 countries.
The latest survey was done between February 10 and 27.
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