Once again, Filipino consumers posted the highest confidence index score among consumers from around the world. In the second quarter of 2017, optimism of Filipino consumers was the most bullish despite a slight dip of two points from Q4 2016 to register a confidence index score of 130.
It was in the same period last year that consumer confidence in the Philippines surged to no. 1 with a 13-point increase to 132 index score. During that time it was the biggest quarter-on-quarter increase among countries included in the survey.
Globally, consumer confidence showed signs of continued improvement with an index score of 104, up three points from quarter four of 2016. After the Philippines, India posted a 128 index score, declining by eight points while Indonesia follows with a 121 index score, gaining a percentage point. The United States slipped by five points to an index score of 118 while confidence level in Vietnam is on the ascent with a five-point percentage gain to 117 index score.
While the three confidence indicators which were measured in the survey remain high, slight decreases are noted. Job optimism dropped two percentage points to 85% in the second quarter compared to quarter four and four points versus quarter two last year. Responses from the Philippines also showed a dip to two percentage points in immediate-spending intentions (58%) from Q4 2016 and a decrease of three points compared to year-ago report. Favorable sentiment about personal finances remains positive at 84%, although it went down when compared to 86% in Q2 2016 and Q4 2016.
When it comes to having cash to spare after paying for the essential living expenses, saving money still tops the list for Filipino consumers at 58% (a six-point decrease compared to quarter four of 2016). Interestingly, consumers indicated increased willingness to allocate spare cash to new clothes, up nine points to 33%, while holidays or vacations come in next with 30%, a three-point increase compared to the end of the quarter of 2016. Investment in shares of stock (29%, +1) and home improvements (27%, -2) also make it to the list.
When asked about their major concerns in Q2, respondents indicated job security (30%) and health (23%) as the two major causes for worry while terrorism moved up the list as the third major concern (20%).
For more details and insights, download Nielsen’s Global Survey of Consumer Confidence and Spending report.
ABOUT THE NIELSEN CONSUMER CONFIDENCE INDEX
The Nielsen Consumer Confidence Index measures perceptions of local job prospects, personal finances and immediate-spending intentions. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively. Within a country, period-to-period movements of seven points or more are considered statistically significant. At a global level, movements of two points are statistically significant; at a regional level, three to four-point movements are statistically significant. The index and other findings related to consumer confidence are based on data from the Nielsen Global Survey of Consumer Confidence and Spending Intentions. Established in 2005, this survey measures consumer confidence, major concerns and spending intentions among more than 30,000 respondents with internet access in 63 countries.