Canadian Magazine Industry News
25 January 2011,     CANADA
Pessimistic End to 2010 Global Consumer Confidence: Nielsen
The Nielsen Global Consumer Confidence Index reports consumer confidence fell in 25 of 52 countries, including Canada in the fourth quarter of 2010, based on concern for unemployment, job creation, rising food and utility costs and expectations of a sustained economic recovery.

Nielsen’s report, which interviewed 29,000 internet consumers in November, 2010 said 58% of Canadians still feel the country is in a recession and 28% have no spare cash. Globally, 45% of respondents said they put any spare cash into retirement savings first, with spending on new clothes and vacations ranking closely behind. “Global consumers – especially in the West, are bracing themselves for another year of flat to sluggish growth in 2011,” said Dr. Venkatesh Bala, Chief Economist at The Cambridge Group, a part of The Nielsen Company in the report. “Job creation and employment numbers have fallen below expectation and even though many countries are officially out of recession, many consumers are still living – and expect to continue living – a cautious recessionary lifestyle which is restricting domestic spend and demand.”

Source: Nielsen
Source: Nielsen

Consumers may feel they have weathered the worst of the storm — according to the report — but pragmatic behaviour will continue into 2011 with coping strategies including a combination of essential and discretionary spending, focusing on saving on utilities, reducing food costs and entertainment expenses.

The Nielsen Global Consumer Confidence Index is released quarterly and is developed based on consumers’ confidence in the job market, status of their personal finances and readiness to spend.

— Val Maloney
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