The study surveyed over 23,000 respondents across 28 markets between August and November in 2010.
The results look at which markets are the most optimistic and pessimistic about their country's economic condition and job market, consumers' views on their personal financial situation, what they expect ahead on these factors in the coming months, and whether now is a good time to buy/ sell a car or a house.
China ranks fourth highest amongst the 28 countries surveyed in terms of the markets' consumer mood index, while Hong Kong is in the seventh spot.
Respondents in five of the G7 countries (Japan, France, Italy, UK and the US) feel quite pessimistic, and are all showing a low consumer mood index.
Susanna Lam, research director of Synovate, commented, "China and Hong Kong are the top markets in Asia showing such high optimism toward their own market's economy. Respondents in these markets think the economy is better than it was six months ago, and they believe the economic situation in the upcoming months will be better than it is today."
56 per cent of consumers surveyed in China believe the overall economic situation in China will be better in the upcoming months. 26 per cent said it will remain the same as now and 14 per cent said it will be worse than now.
Close to half (49 per cent) indicated their personal economy will become better (41 per cent said it would be unchanged, 7 per cent said it would be worse than now), while 41 per cent think the job market will improve in the coming months (35 per cent said it would remain the same as now, 19 per cent said it would be worse than now).
However, in Hong Kong, respondents are more reserved about the market ahead. Over half (56 per cent) believed the economy will remain about the same as the current situation, 30 per cent said the economy will become better than now and 12 per cent said it would be worse than now.
While 72 per cent indicated their personal economy would remain the same, 17 per cent anticipated it would become better and 10 per cent said it would get worst. Toward the job market, close to 60 per cent said it would maintain about the same, 27 per cent said it would improve and 11 per cent said it will get worst.
Not surprisingly, Hong Kong is the top market globally to indicate it is not a good time to buy a house. 84 per cent of respondents said it is a bad time to buy a house now, compared to 74 per cent of those surveyed in China, the second on the list.
The opinion is more diverse when asked about selling a house. 52 per cent of respondents in Hong Kong said it is a bad time to sell, while 41 per cent believed it is good. In China, 56 per cent said it is not ideal to sell versus 40 per cent saying it is.
"Those who feel it is a bad time to sell are anticipating that the housing market will continue to go up. On the other hand, the pro-sellers are encouraged by the already boosted market and want to gain some return on their property investment now," said Lam.
When asked whether it is a good time to purchase a car in the next 12 months, 60 per cent of those surveyed in Hong Kong indicated it is a bad time (20 per cent said it is not). For China, respondents are more balanced with 48 per cent saying it is not so versus 45 per cent believing the purchase is good to go.
"The consumer confidence in China and Hong Kong is expected to continue on an upward trend, business sectors could consider not just focusing on discount promotion marketing strategies like in previous years, and shift to more sophisticated marketing tactics for higher quality products and services," Lam added.
