Things looking up as consumer confidence jumps around the world

(EdBockStock)

Global consumer confidence is returning to pre-recession levels, according to data released by Nielsen May 5.

Out of 55 countries surveyed by the consumer analyst, 41 posted a rise in confidence, according to the figures, strong evidence that the world is recovering from the harshest recession in decades.

The global index reached 92 points for Q1 2010, says Nielsen, two points away from its level in Q3 2007 (before the downturn) and a significant boost from the depths of early 2009, when it bottomed out at 77 points.

India, Indonesia and Norway were the most confident markets surveyed, while Lithuanians were the least confident.

"Conventional wisdom was that there would be a slow recovery and there have been several signs of stabilization and green shoots in the past 12 months, but Q1 of this year presented the first global show of force towards economic recovery," said Nielsen's Dr. Venkatesh Bala.

Nielsen's figures confirms predictions that emerging markets will drive the recovery, with Asia-Pacific and Latin American growth outpacing the sluggish performance of Europe and North America.

The Asia-Pacific area is the most confident globally, led by China, where levels have returned to 105 points which was their all-time high in 2005. Latin America also posted a significant jump, with Brazil leading the way.

Nielsen questioned over 27,000 consumers in 55 countries on consumer confidence, major concerns and spending intentions in March 2010 to compile the survey.

http://en-us.nielsen.com/forms/report_forms/Nielsen-Global-Consumer-Confidence-Survey-Q1-2010