Consumers’ hopes for an end to the Global Economic Crisis have been bolstered in the second quarter of 2009, according to a recent Nielsen Global Consumer Confidence Survey just released. Optimism in Singapore has improved from its previous all time low Nielsen Global Consumer Confidence Index record of 80 earlier this year, by seven points to 87, with the two key areas—job security and the economy registering dips in levels of concern. Consumer sentiments around the world are similarly on the mend. The Nielsen Global Consumer Confidence Index, conducted in 28 markets in June 2009, rose to 82 – an increase of 5 points from March – spurred by renewed consumer optimism and stock market gains in BRIC markets and key Asian countries. “In the previous Nielsen Global Consumer Confidence 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. Three months later, they’re starting to embrace the idea of recovery – which is a major turning point,” said Paul Richmond, managing director, consumer group, The Nielsen Company Malaysia and Singapore. In Nielsen’s latest survey, which polled 14,029 online consumers in 281 countries late in June, 71 percent of respondents thought their country was in recession – a positive reduction of six points from a high of 77 percent when the survey ran in March 2009. “The BRIC and Asian markets have recorded the greatest jumps in Consumer Confidence Indices in the past three months. Consumer confidence in India jumped 13 Index points, and climbed nine points in Japan, South Korea, Hong Kong and Indonesia. Consumer confidence rose eight Index points in Taiwan and Brazil, and seven points in Singapore, Turkey, Russia, Philippines and the UK. The only exceptions to this upswing were in the USA and New Zealand, which held flat in the second quarter, with Germany the only country to register a decline of one Index point,” Richmond. “This is one of the strongest indicators of a global consensus among consumers that the worst is over, and that finally, there is light at the end of this long tunnel. And consumers in emerging and Asian markets are clearly of the view that they are driving in the recovery lane now.”
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