According to a recent report by Nielsen Malaysian consumer confidence has remained stable at the start of the first quarter of 2016 at 79%. This retains Malaysiaâ€™s position as 36thÂ most confident country globally.
The report was taken from the Survey of Consumer Confidence and Spending Intentions, which measures consumer confidence, perceptions of local job prospects, major concerns and spending intentions amongst more than 30,000 respondents with Internet access in 63 countries.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism respectively. The average global consumer confidence for Malaysia is 98 pp.
Nielsen Consumer Confidence Index â€“ Malaysia vs. Global (2010 â€“ Q1 2016) [%]
Confidence levels in Southeast Asia continue to remain resilient with four out of six countries in the region scoring above the 100 pp mark. The Philippines, Indonesia, Vietnam and Thailand are the bright spots in the regionâ€™s growing and emerging market as they retain their titles as the top 10 most confident countries globally while Singapore scored below the baseline at 88 pp.
Nielsen Consumer Confidence Index, Southeast Asia vs. Global (Q2 2015 â€“ Q1 2016) [%]
Economic uncertainty tops the list of major concerns among Malaysians with job security coming in second. Seven in 10 Malaysians feel that local job prospects are bleak over the next 12 months.
Recessionary sentiments among Malaysians continue to remain high with only one in five respondents feeling positive that the country will be out of an economic recession in the coming year.
For the first time since starting the global online survey on consumer confidence and spending intentions back in 2005, terrorism made it to the nationâ€™s top 10 of major concerns. Other key concerns that also made the list include increasing food prices, political stability and work/life balance.
Â Top 10 major concerns among Malaysian consumers (Q1 2016 vs. Q4 2015) [%]
â€śWith no real changes in the economic outlook, Malaysiansâ€™ confidence remains low and we see that this trend will continue to be the case until the pressure on the Ringgit ease. Only when the pressure of the Ringgit improves, can consumers start to feel the burden of their day-to-day spending lessen,â€ť said Richard Hall, country manager of Nielsen Malaysia.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions, measures consumer confidence, perceptions of local job prospects, major concerns and spending intentions amongst more than 30,000 respondents with Internet accessÂ in 63 countries.