Consumer confidence ticked upward for the first time since 2007. Around the world, consumers are becoming more comfortable with the prospect of shelling out some cash, even if they're still approaching the notion with caution.
According to a survey conducted by The Nielsen Company between September 28 and October 16, 2009, consumer confidence was highest in India, with Indonesia and Norway following. Japan, Latvia, Portugal, and South Korea were at the other end of the spectrum, though South Korea did show a significant quarterly improvement.
Oliver Rust, managing director of Nielsen Hong Kong, said to Reuters, "Consumer confidence is rising faster in BRIC countries than other markets, driven by increasing job prospects."
Consumer confidence remained under pressure in the United States and Europe, thanks to high unemployment, which dampened the urge to splurge. But, confidence was up slightly in the former, which is the world's largest consumer market.
Of course, it's hard to put all your faith in the numbers. James Russo, vice president of global consumer insights at The Nielsen Company, told Reuters, "While consumer confidence in the United States edged up 4 index points, that hasn't translated into spending confidence for the vast majority of American consumers."
He continued, "Clearly, this recovery will be manifested in measured and restrained spending as consumers work to repair their balance sheets."
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