Southeast Asian consumers are the most confident globally, finds Nielsen.
According to Nielsen’s Global Survey of Consumer Confidence, Indonesia had the highest index at 124, well above the world average of 94, in the second quarter.
Following Indonesia were Philippines (121), Thailand (114), Malaysia (103) and Vietnam and Singapore (both 95).
Indonesians (84 per cent) were also the most optimistic when it comes to personal finances, 30 points higher than global average of 54.
“Overall, Southeast Asian consumers are feeling optimistic about the economic outlook compared to the rest of the world,” said MD Vishal Bali of Nielsen’s consumer insights business in Southeast Asia, North Asia and the Pacific.
“Minimum wages are increasing, as are foreign investments and a growing number of consumers are entering the middle class,” he said.
“This is no doubt fuelling the positive outlook we are observing,” adds Bali.
Indonesian and Philippine economies have expanded by 6.02 per cent and 7.8 per cent in the first quarter.
Southeast Asia’s economies have been predicted by Asian Development Bank to rise 5.2 per cent this year.
Consumer confidence was also high in China (110), up two index points than the first quarter.
Meanwhile, consumer confidence in India (118) has dropped two index points from the first quarter.
“The dip in confidence over the last six months reflects the concerns of the devaluation of the rupee and the continuing inflation for urban Indians,” said Piyush Mathur, president, Nielsen India Region.