Nielsen: Southeast Asia consumer confidence rises over past year

The survey, conducted between August and September, showed the Philippines and Indonesia were up six and five points, respectively, in Q3 2012 compared with Q3 2011.

Thailand and Malaysia also recorded increased consumer confidence, rising three points and four points, respectively, between Q3 2011 and Q3 2012.

Vietnam was the only Southeast Asia market to see a drop in confidence levels. The survey revealed confidence deteriorated nine points during the past year.

Meanwhile, consumer confidence in Singapore rebounded during Q3 to reach its highest level in more than 12 months. It now ranks 15th globally.

"Our latest survey results show that Singaporeans are feeling more positive...showing signs that they will start to spend on things they want and need," said Joan Koh, managing director, Nielsen Singapore and Malaysia.

But despite the renewed optimism, consumers in Singapore are still conscious of the amount they are spending, Koh added.

"The continuing uncertainties over global economic recovery are prompting consumers [in Singapore] to play it safe and continue to save on household expenses."

Overall, Asia-Pacific consumers remain the world’s most optimistic, with Asia-Pacific nations making up six of the 10 most confident countries globally.

The survey showed that markets like Japan, Korea, Hong Kong and Taiwan are facing pressure from the Euro crisis and deteriorating global economic indicators. It therefore suggested that companies in this region should look elsewhere for growth opportunities.

“Companies operating in [Japan, Korea, Hong Kong and Taiwan] can find growth opportunities by engaging middle class consumers beyond mainland China and India, and into Indonesia, the Philippines and Thailand,” said Therese Glennon, APMEA consumer insights and innovation leader.