The survey found confidence up in China, India, Japan and the Philippines while it showed a decline in 10 other Asia-Pacific countries.
The Philippines showed the biggest quarterly confidence increase of seven index points, rising to a score of 122—the country's highest level on record. Confidence also increased one point each in India (131), China (107) and Japan (83) from the first quarter.
“In China, consumers' desire to spend is growing, especially in the lower-tier cities and in the rural parts of the country,” said Yan Xuan, president, Nielsen Greater China. “The East China region is leading the country's economic transformation with the highest confidence and spending intention levels and where online, offline, traditional and specialty channels are converging and driving upgraded product choices.”
According to the survey, signs of improvement are evident in Europe. Despite the recent Eurozone economic uncertainty, consumer confidence grew throughout the European region in the second quarter, as 21 of 32 markets (65 per cent) were more optimistic than at the start of the year. But confidence in Germany, Europe's largest economy, declined three index points to 97—the first decline in a year. In the U.K., confidence increased two points to 99—the sixth consecutive quarter of increases. Regionally, confidence increased most in the Ukraine (48), rising seven index points from the first quarter, but still leaving the country far below 100, the equilibrium point of pessimism/optimism.
Confidence in Greece, however, declined by 12 index points to 53 - the largest quarterly decrease of the 60 countries in the survey. Confidence also declined by four points in both Ireland (88) and Italy (53).
“Consumer confidence in Eurozone markets has been relatively stable, with the notable exception of Greece. While quantitative easing is largely viewed as doing as intended, Europe is now moving through the Greek debt crisis. A relatively strong starting point for confidence will support consumer spending as the crisis unfolds,” said Louise Keely, senior vice president, Nielsen, and president, The Demand Institute.
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