APAC consumers world's most optimistic, but some markets face pressure: Nielsen

The Q3 2012 Nielsen study, conducted between August and September, showed Asia-Pacific markets make up six of the ten most confident countries globally.

Consumer confidence levels in Asia-Pacific increased three index points between Q3 2011 and Q3 2012, although they remain unchanged between Q2 and Q3 2012.

The Philippines and Indonesia recorded the highest year-on-year gains and ranked in the top three most optimistic countries globally, alongside India.

But Nielsen said Japan, Korea, Hong Kong and Taiwan are facing pressure from the ongoing Euro crisis and deterioration of key global economic indicators during the past three months. The advice to companies in this region was to look elsewhere for opportunities.

“Companies operating in this region can find ripe growth opportunities by engaging the emerging middle-class consumers beyond mainland China and India, and into Indonesia, the Philippines, and Thailand,” said Therese Glennon, APMEA consumer insights and innovation leader.

The survey showed around seven in 10 Asia-Pacific respondents indicated they had adjusted spending habits in the past year in an effort to save on household expenditures, up from 67 percent in Q2 2012.

A cutback in spending was reported across discretionary and non-discretionary expenses, as many respondents said they now spend less on new clothes (50 per cent) and out-of-home entertainment (43 per cent). A further 29 per cent switched to cheaper grocery brands.

Instead, saving intentions remained a priority among Asia-Pacific respondents, with around six in 10 directing spare cash to savings, up four percentage points compared with Q2 2012.