Bangkok--6 Jan--124 Communications Consulting
Thai consumers are approaching the next six months with more optimism than the previous three years surveyed, according to the latest MasterCard Worldwide Index of Consumer Confidence survey.
Thailand consumer confidence scores witnessed an improvement from six months ago (55.3 up from 23.0), reflecting a positive boost in confidence for the very first time in the past three years across all of the five economic factors surveyed.
“After a bumpy year, we are seeing positive sentiments from the Thai consumers. This is an encouraging start for 2010, not only for the Thais but 21 of the 24 markets polled reflected positive consumer sentiment looking ahead,” says Eileen Wee, vice president and country manager, Thailand, MasterCard Worldwide.
Overall consumer outlook has increased across the five indicators that make up the Index compared to six months ago: Employment (56.1 vs 23.8), Economy (61.9 vs 26.3), Quality of Life (47.6 vs 24.3) and the Stock Market (59.8 vs 18.0) and Regular Income (51.2 vs 22.5). 49% of the Thai respondents believe that the economy will improve in the next six months and 47% believe that the stock market will pick up in the same time frame.
Now in its 17th year, the MasterCard Worldwide Index of Consumer Confidence is the region’s most comprehensive and longest running consumer confidence survey. Released twice a year, the Index is based on a survey which measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: Economy, Employment, Stock Market, Regular Income and Quality of Life. The Index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral.
The latest survey was conducted from 1 October to 9 November 2009 and involved 10,623 consumers from 24 markets[1], 400 of those were Thais. Data collection was via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance.
The Asia/Pacific region saw an increase in its consumer confidence index score from six months ago (66.3 up from 38.7). Vietnam (90.0), China (85.3) and Singapore (79.4) topped the list reflecting significantly higher consumer confidence compared to other markets in the region. Consumers in the Philippines (49.7) and Japan (24.4) are the most pessimistic.
Dr. Yuwa Hedrick-Wong, economic advisor, Asia/Pacific, MasterCard Worldwide said, “The global economy has started to stabilize in the second half of 2009; and conditions have improved especially fast in the Asia/Pacific region. The latest findings of the overall robust rebound in consumer confidence in the region mirrors progress seen in the real economy.”
“In some of the markets where consumer sentiments had fallen precipitously in 2008 and early 2009; their rebound has been equally sharp. While a V-shaped economic recovery remains unlikely, the same cannot be said for consumer confidence as it appears to be a V-shaped rebound in confidence. This is to the extent that the renewed confidence leads to lower precautionary savings and higher spending, then business outlook will improve; thereby encouraging more investment. This will contribute to the momentum of recovery."