Nov. 5 – India has topped the new Nielsen consumer confidence report as the most confident market.
The BRIC countries of Brazil, Russia, India and China all generally fared well, and overall in the wake of rising consumer confidence worldwide, there was positive sentiment regarding increased job prospects and economic recovery. Though spending is still restrained, there is a rebound in the United States’ economy for the first time since 2007, the report said.
“Consumer confidence is rising faster in the BRIC countries than other markets, driven by increasing job prospects,” said Oliver Rust, Managing Director of Nielsen Hong Kong.
India was followed by Indonesia and Norway, while consumer confidence was weakest in Japan, Latvia, and Portugal, according to the survey, which was conducted between September 28 and October 16, 2009. According to Nielsen, the United States and Europe have shown improvement in consumer confidence and the worst seems to be over for these economies.
Consumer confidence rose in 45 out of the 52 countries compared to six months ago. In April, the Index hit its lowest point of 77 index points, but as massive stimulus plans began to take effect around the world during the second quarter, consumer confidence slowly began to recover.
Consumers in India, Indonesia and Norway topped the confidence index, while the most pessimistic consumers were in Latvia and Japan. Hong Kong posted the largest consumer confidence increase in the third quarter compared to Q2, followed by South Korea and Brazil, while among the other BRIC nations, consumer confidence rose in China and in Russia compared to the previous quarter.
Consumer confidence fell in only two countries in the third quarter; Spain and Japan. Australia and New Zealand also posted double-digit increases during the last quarter, while Europe’s two largest economies, France and Germany, posted the highest increases in the Eurozone respectively.
