Hong Kong and South Korea lead global rise in consumer confidence

Asian countries, notably Hong Kong and South Korea, seem to be leading the way, followed closely by Brazil.

The index jumped from 77 index points in April to 86 points this month. Hong Kong posted the largest consumer confidence increase in the third quarter compared to Q2, up 14 points from 79 to 93 index points, followed by South Korea (+13 points) and Brazil (+12 points).

India, Indonesia and Norway continued to top the global rankings for the most confident nations, while the most pessimistic nations were Latvia and Japan. The US also recorded its first increase in consumer confidence since 2007

Nielsen’s Global Consumer Confidence Index tracks consumer confidence, major concerns and spending habits among more than 30,500 Internet users in 54 countries.

According to a statement from Nielsen, this renewed sense of optimism has yet to translate into consumer behaviour. Many consumers remain anxious about spending their money, and in some countries spending habits appear to have changed permanently.

“A nine-point surge in consumer confidence signifies a welcome return to positive territory. It really demonstrates that in the last six months, a majority of consumer sentiment across the globe has shifted gears from recession to recovery -- the tide has turned,” said James Russo, vice-president, global consumer insights, at The Nielsen Company.

In April, the Nielsen Consumer Confidence Index hit its lowest point of 77 index points, but as massive stimulus plans began to take effect around the world during the second quarter, consumer confidence slowly began to recover.