October 31, 2011
Global online consumer confidence fell for the seventh consecutive
quarter as confidence in 31 of 56 global markets measured declined,
according to third quarter global online consumer confidence findings from Nielsen.
“Third quarter was volatile and challenging for global economies and
financial markets amid stagnant U.S. unemployment figures and a
worsening euro zone debt crisis,” said Dr. Venkatesh Bala, Chief
Economist at The Cambridge Group, a part of Nielsen. “A recessionary
mindset is growing among consumers as more than half say they are
currently in a recession—up four percentage points from last quarter and
seven points from the start of the year. The result is continued
spending restraint for discretionary expenses, which is expected to
continue into the next year.”
The survey tracks consumer confidence, major concerns and spending
intentions among consumers in 56 countries. Consumer confidence levels
above and below a baseline of 100 indicate degrees of optimism and
pessimism. U.S. consumer confidence dropped one point to an index of 77.
Consumer confidence also fell by one point last quarter in China from
105 to 104 and one point in Germany, Europe’s largest economy.
Economic and job security concerns mount
In the latest round of the survey, conducted between August 30 and
September 16, 2011, the economy re-emerged as the top concern among 18
percent of online consumers around the globe. The economy last topped
concerns in Q4 2010, before it was replaced by worries over increasing
food prices in the first half of this year. Job security follows close
behind for 14 percent of consumers, rising five percentage points from
three months ago. Managing a work/life balance, increasing food prices
and concerns about health round out the top five most stressful issues
for respondents.
“Driven by a stalled job market and uncertainty about the future
course of the global economy, concerns over job security and other
economic risks rise to new heights in the third quarter in many parts of
the world,” said Dr. Bala. In North America, one-in-three are concerned
about the economy—up seven points from second quarter and more than
one-in-10 (12%) are worried about job security—an increase of five
points from three months ago.
In Latin America, concerns over job security (15%) and crime (12%)
took a slight edge over the economy (11%). In Middle East/Africa, while
job security retained the top spot in this region, the
quarter-on-quarter increase is noteworthy—jumping nine points to 20
percent up from 11 percent in second quarter. In Asia Pacific, the
economy (18%) and job security (15%) rose eight and seven points,
respectively.
http://blog.nielsen.com/nielsenwire/consumer/global-consumer-confidence-economy-returns-as-top-concern/
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