Consumers in Asia/Pacific remain optimistic despite uncertainty in the global economy led by huge surges in confidence in the emerging markets of Indonesia and Philippines, according to the latest MasterCard Worldwide Index of Consumer Confidence, released today. The survey based report conducted in 2012 with 11,339 respondents aged 18 – 64 in 25 countries within Asia/Pacific, Middle East and Africa.
Respondents were asked five questions pertaining to their 6 month outlook on the economy, employment prospects, the local stock market, their regular income prospects and their quality of life. The Index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral. Overall, Asia/Pacific saw a slight increase from 57.2 Index points in the first half of 2012 to 59.7.
Extreme improvements were recorded in Indonesia, where consumer confidence jumped 30.1 Index points (from 57.4 to 87.5), and the Philippines, which rose 13.6 Index points (from 65.2 to 78.8). Both Indonesia and Philippines are benefiting from rising investment from both domestic and international investors in spite of uncertainty in the global economy and soft global demand for exports from Asia/Pacific, which provides robust support of growth overall while boosting consumer confidence.
“The Asia/Pacific region is increasingly divided between markets that are still closely linked with the global trade cycle, and those that have been able to delink themselves from it. This trend is reflected in the latest MasterCard consumer confidence survey,” observes Dr. Yuwa Hedrick-Wong, global economic advisor for MasterCard Worldwide.
“The strong improvement in consumer sentiment in Indonesia and Philippines are cases in point. The results of the consumer confidence survey provide additional evidence that it is critically important to be able to leverage domestic demand effectively to support economic growth in the context of weakened global demand.”
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