Australian consumer confidence - how does it stack up against the rest of the world?
Nielsen has released results from the quarter one Global Survey of Consumer Confidence and Spending Intentions.
According to the survey, Asia Pacific nations make up seven of the ten most confident countries globally.
Consumer confidence among Australians remains stable, dropping one index point in Q1 2013 to 94 points versus the previous quarter and versus the same quarter a year ago.
However, a rise in discretionary retail spend indicates a case for cautious optimism.
The survey found that 42 percent of Australian online consumers believe the next 12 months will be a good time to buy things they want or need, up one point versus the same quarter a year ago and five points higher than the global average.
Two-thirds of Australians say they have changed their spending to save on household expenses compared to this time last year.
Saving money and paying off debt continued to be of highest priority for Australian consumers in Q1 2013 - with 42 percent indicating they save spare cash once essential living expenses have been covered and 32 percent pay off debts/credit cards/loans.
Neilsen Pacific managing director Chris Percy said there were signs of improvement in the market.
“Consumer confidence in Australia has remained relatively stable for the past six months. We are however seeing green shoots in discretionary retail spend, indicating a rise in cautious optimism.”
The Nielsen study also revealed that regional consumer confidence in the economy increased in nine of 14 Asia-Pacific markets measured in Q1 compared to Q4 2012.
The region delivered eight of the 10 highest index scores of 58 countries. Indonesia rose five index points to 122, jumping ahead of India’s index of 120, which declined one point to be the most confident nation globally.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions, established in 2005, measures consumer confidence, major concerns, and spending intentions among more than 29,000 respondents with Internet access in 58 countries.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
In the latest round of the survey, conducted between February 17 and March 8, 2013, Asia Pacific was the only region globally to sit above the 100 point benchmark and Australia was one point above the global average of 93 points.
