Nielsen’s 2014 Global Consumer Confidence Report came out recently and shows the results of a survey of over 30,000 people in more than 60 countries, taking into account local job prospects, personal finances and immediate spending plans. According to the report, global consumer confidence increased by one index point to a score of 98. This number has been steadily rising for two and a half years and has exceeded the pre-recession index value of 94 for three consecutive quarters.
The report showed that North Americans are more confident in the economy, as Canadians have indicated their spending intentions have increased to 51 per cent. This coincides with 27 per cent of North Americans saying the economy was one of their largest concerns, but that number is down from 34 per cent in the previous survey. Worries over food prices dropped to 15 per cent from 21 per cent.
56 per cent of Canadians are also more confident that they will be able to find employment, an increase over the 50 per cent of Canadians with a positive employment outlook in the last quarter.
“It is still early to tell, but the newly created jobs may lead to broader gains in consumer spending, given that they bring a meaningful wage growth with them,” Carman Allison, vice president of consumer insights at Nielsen told Canadian Grocer. “For starters, consumers are regaining optimism which is a first step to a spending revival.”
