Consumer Confidence Reaches 10 Year High in Asia Pacific
The MasterCard Index of Consumer Confidence finds that consumers are optimistic about the state of their economy. It was thought that the still weakened global economy would hurt consumer confidence, but the Asia Pacific markets scored the highest confidence score in 10 years. The index rose to 68.3 points, up 6.9 from 2013.
The index is compiled based on surveys of consumers aged 18-24 in 27 countries in the Asia Pacific, Middle East, and Africa. The surveys were conducted between July 2014 and August 2014 and had over 12,500 respondents. The index is figured on a scale of 0 to 100, with 0 being the most pessimistic, 50 being neutral, and 100 being the most optimistic.
The most confident markets included Myanmar (94.1), Indonesia (94.0), and India (89.1). Bangladesh and Taiwan both climbed about 25 points to 66.4 and 57.6 respectively, while Australia actually fell 12 points to 37.2. Australia was joined by South Korea as the only markets below the 50 point mark.
“Consumer confidence across the Asia Pacific region has reached its highest level in more than 10 years. Markets like Bangladesh and Taiwan are showing strong increases in consumer sentiment, bolstered by key influences such as a perception of better employment prospects and of an improving economy,” said Pierre Burret, Head of Delivery, Quality & Resource Management for Europe, Asia Pacific, Middle East & Africa, MasterCard Advisors. “The region’s overall optimism for the future is an encouraging sign, and demonstrates the importance of continuing to innovate with partners in emerging markets like Myanmar, India and Indonesia, in efforts to drive economic growth.”