Survey

Consumers in Croatia among most pessimistic

01.11.2010 u 00:24

Bionic
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Global consumer confidence fell in September from three months earlier, notably in the United States and Europe, as half of consumers worldwide believed they were still in recession, a survey by the Nielsen Company showed.

The survey, carried by Reuters, also showed that consumers in Croatia were among the most pessimistic ones.

For many consumers, discretionary income hit its lowest level since the quarterly survey began four years ago with 27 percent of Americans, 19 percent of Europeans and 16 percent of Latin Americans saying they had no spare cash after paying essential living expenses.

The prospect of austerity measures dampened confidence in Europe as governments seek to tackle high debt levels, with consumers in Portugal the most pessimistic globally, while confidence in Hungary plunged from June, the survey showed.

In 20 of 53 markets surveyed confidence was lower than in a similar survey taken in June, pushing the Nielsen Global Consumer Confidence Index's average score down 3 points to 90. A reading below 100 signals pessimism about the outlook.

Confidence remained higher in Asia, with the exception of Japan, but rising food prices weighed on consumer sentiment.

India had the highest score of 129, unchanged from the June survey,. However, that was well below the country's record 137 index reading in the second half of 2006, the highest reading for any country since the Nielsen consumer confidence index was launched in 2005.

The U.S. score tumbled 6 points from June to 81 and China fell out of the top 10 most optimistic markets as confidence slipped from June although it was still positive. Germany's score jumped six points back to levels seen in 2005 but remained below 100 at 87.

Consumer confidence jumped in Australia, where consumers were the second-most optimistic after India along with Indonesia and Saudi Arabia.

Confidence in crisis-hit Greece was the fifth-weakest globally but the level has held steady from the first quarter of this year.

Croatia's consumer confidence index was 58 in the third quarter. Figures for the second quarters were not available while the consumer confidence index in the first three months of this year was 48.

The survey was taken between September 3 and 21, covering 26,000 consumers in 53 countries. The survey is based on consumers' confidence in the job market, status of their personal finances and readiness to spend.