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8 February 2006
Bangkok
While the confidence of consumers globally is on the rise, Thai Consumer’s Confidence in their local economy and job prospects is moving in the opposite direction, recording a slight drop since the survey was last conducted in May 2005, according to ACNielsen, the world’s leading market research and information company.
The ACNielsen Global Consumer Confidence Index, introduced in 2005, increased from an average 92 points in May 2005 to 98 points in November, while the index for Thailand dropped from 98 points to 96 points over the same period.
The world’s most optimistic consumers live in Asia-Pacific and North America. In Thailand, however, consumers appear to have a more optimistic outlook on their personal finances, at the same time as more have become pessimistic about the job prospects and don’t consider now to be a good time to buy the things they need.
The ACNielsen Online Consumer Confidence and Opinion Survey, the largest half-yearly survey of its kind, is aimed at gauging current confidence levels, spending habits/intentions and current major concerns of consumers across the globe. The survey polled over 23,500 internet users in 42 markets from Europe, Asia Pacific, North America, Latin America and Emerging Markets.
On job prospects and readiness to buy
Consumers in Asia-Pacific continue to ride a wave of economic development, with their Confidence Index increasing in 9 out of 13 markets. Indians have made the biggest leap of faith, and remain at the top of the global list with a Confidence Index of 132 points – nine points ahead of the world’s second ‘most optimistic’ nation, New Zealand. The number of Internet users in India who think job prospects in the country will be not just good, but excellent, doubled from May to November 2005, to 34%.
Even the Japanese and South Koreans, with the lowest confidence indices globally, have improved their forecasts of the future. In Japan, 45 percent more people believe in better job prospects over the next year, compared to the number in May 2005. Although only up to a quarter of respondents in Japan and South Korea had positive hopes for the future of their personal finances, opinions have warmed that now is a good time to buy things they want and need.
In spite of a relatively positive outlook about the state of their personal finance, Thai consumers were not particularly upbeat about local job prospects and did not consider now to be an appropriate time to buy things either. Fifty five percent of Thais perceive job prospects in local economy in the next 12 months to be not so good and bad, a seven-point increase compared to 48 percent in May 2005. Likewise, Sixty nine percent of them think now is not a good time to buy things that they want and need now, compared to 63 percent previously.
The world is focused on savings
In spite of general growth in consumer confidence and the number of people who believe in a positive financial future for themselves over the next year, people are still cautious about spending money. The number of consumers optimistic about their financial situation grew from May to November, but so did the number of those who consider the present time NOT good for buying things they want and need.
Globally, 59 percent of consumers share positive financial expectations, while 61 percent say they would rather not spend money. In addition, more people globally prefer to put their spare money into savings – 40 percent in November vs 36 percent in May. The study shows that Asians are the world’s biggest savers, with 53 percent putting their spare cash into savings. In Thailand, consumers ranked 7th among the top 10 world’s savers list.
What people do with their spare cash?
Asking consumers what they do with any money left after covering essential living expenses, Asians, Australians and New Zealanders are mostly focused on savings and paying off debt – the global Top 10 for savings featured Asian countries only. However, holidays came second on the list, with 35 percent of Asia-Pacific Internet users giving their spare cash for relaxation and traveling led by Thailand (56%) and closely followed by Singapore (48%) and Japan (41%). Not surprisingly, these countries are also in the global Top 10 for traveling. Thai consumers indicated that they prefer to spend their spare cash on traveling (56%) closely followed by putting into savings (55%) and buying new technology (43%).
Major fears and concerns
Globally, consumers continue to cite their major concerns as the economy, job security and health.
The economy is the biggest concern for most of Asian countries. For Thai consumers, the economy is still of most concern, up 10 points from the last round of the survey to 74 percent, followed by concerns over job security (33%) and terrorism (28%).
The ACNielsen Online Consumer Confidence Survey, the largest twice-yearly global survey of its kind, is aimed to gauge consumers’ current confidence levels, spending habits/intentions and current major concerns. The most recent wave of the survey took place last month (November 2005) and polled over 23,500 consumers – regular Internet users – in 42 markets in Europe, North and Latin America, Asia-Pacific region, Africa (Republic of South Africa) and the Middle East (UAE).
About ACNielsen
ACNielsen, a VNU business, is the world's leading marketing information provider. Offering services in more than 100 countries, the unit provides measurement and analysis of marketplace dynamics and consumer attitudes and behavior. Clients rely on ACNielsen's market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns. To learn more, visit www.acnielsen.com.
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