According to the latest Nielsen Global Confidence Survey conducted in the second half of June, Australians are seeing encouraging signs of economic recovery with strong consumer confidence levels and optimism about the state of their finances and willingness to spend over the next 12 months.
Australia ranked fifth of the 28 markets Nielsen measures, just behind fast-growing developing countries Indonesia, India, the Philippines and Brazil, and well ahead of other developed nations.
Forty-four percent of Aussies believe “now is a good/excellent time to buy the things they want,” second highest of all nations surveyed, and 59 percent described their personal finances as good or excellent. According to Nielsen Online’s Buzzmetrics service, the number of online discussions mentioning the word “recession” dropped 56 percent between February and June this year.
Despite growing levels of optimism among Australian consumers, there remains an air of caution, with 41 percent saying that they would put extra cash aside in savings and another 40 percent focused on paying off debts.
“Despite increasing confidence, Australians will still think twice about the way they spend their spare dollars until the economy has completely recovered. The positive news is that Australia, when compared to other developed nations, is in a better position for faster economic recovery,” said Chris Percy, Managing Director – Consumer Group, Nielsen Pacific.
Read the full press release with more results from the survey.