Analyst: Anne Ling
Nielsen Company attended Deutsche Bank's Access Asia Conference 2010 and shared findings on Asia Pacific consumer confidence survey. Key takeaways from group presentation:
Consumer sentiment improving, with Asia hit highest confidence level
The survey factors in perceptions of local job prospects, perceptions of state of personal finances and perceptions of good/bad time to buy things consumers want and need.
According to Nielsen survey, consumer confidence rose in 40 of the 55 countries surveyed, with APAC hit the highest consumer confidence index of 99% globally since 3Q2007. Asia is driven by TW & SG.
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Asian consumer spending patterns
Saving up, vacations, new clothes and investment are the top categories ofAsian consumers discretionary spending.
- At least 1 in 2 Asian consumers intend to save their spare cash, the world's most diligent saver, with SG leads highest level.
- CN & SG spend most on travelling, 2 international trips per person in 2009.
- CN is regarded as the most fashion conscious.
- One half of CN and HK consumers spend spare cash on investments, but retirement planning is not popular.
- Followed by HK, CN consumers are most ready to spend on out of home entertainment.
Major concerns for expenditure
Nielsen highlighted four major concerns for asian consumers to spend. Economic trend remains the major concern, followed by work-life balance, health and job security. SG consumers are most concerned about work-life balance as they are regarded as working the longest hours in the world.
CN and HK viewed health as a major concern.
Although there are still half of Asian people who are pessimistic about economy, APAC are still the most confident region globally.
