Asian consumer confidence on the decline<\/p>\n
SINGAPORE (AFP): Consumer confidence through most of the Asia
\nPacific region is on the decline from the buoyant levels of last
\nyear, according to the results of a lifestyle survey released
\nWednesday.<\/p>\n
Of the 13 economies surveyed, only rivals China and Taiwan
\nregistered solid growth in the MasterCard International survey
\nwhich measured five economic factors: employment, economy,
\nincome, stock market and quality of life.<\/p>\n
Indonesia registered the sharpest decline, with the
\nPhilippines, Thailand and New Zealand also down markedly.<\/p>\n
Consumers \"have come a little bit back to reality,\" said
\nStuart McDonald, MasterCard's senior vice president for corporate
\nservices, after countries polled high last year when markets were
\nrecovering faster than expected from the 1997 economic downturn.<\/p>\n
\"This year, as the markets start to buckle down and work
\ntowards rebuilding industries and businesses, consumers are
\nrealizing that there are no overnight miracles and the rebuilding
\nprocess will be protracted,\" McDonald said.<\/p>\n
Scoring from an index based on the percentage response
\nfigures, the second quarter survey found confidence in China rose
\nto 76.6 from 75.5 at the end of last year.<\/p>\n
Optimism in quality of life scored 90.6, just ahead of
\nconfidence in the economy.<\/p>\n
While China may continue to threaten to use force to retake
\nTaiwan, there were no signs of jitters in the confidence of
\nTaiwanese consumers with the score rising from 68.1 from a
\nprevious 55.5.<\/p>\n
In Japan, confidence was marginally up at 33.4 points, but the
\nJapanese are extremely pessimistic about quality of life, rating
\nit zero.<\/p>\n
Malaysia continued to rank highest in the bi-annual survey,
\nalthough its 89.6 rating was a shift down from its previous score
\nin the 90s.<\/p>\n
In Thailand, whose battered currency triggered the 1997
\nregional meltdown, the level of confidence was at 52.4 points,
\ndown from 72.1 at the end of last year.<\/p>\n
Indonesia posted the sharpest decline, with the confidence
\nlevel falling 36 points to 54.5.<\/p>\n
Indonesian consumers are still feeling the crunch from the
\neconomic collapse and the government is struggling to pull the
\ncountry out of the slump, said Chua Beng Huat, associate
\nprofessor of sociology at the National University of Singapore
\nwho analysed the figures.<\/p>\n
\"The effects of the rupiah is felt constantly on a daily
\nbasis,\" he said.<\/p>\n
Singapore scored 87.4, the second highest in the survey, but
\ndown on its 92.7 at the end of 1999, while Hong Kong rated 74.2,
\ndragged down by a low score of 40 for regular income.<\/p>\n
In Australia, confidence fell to 56 from 66.3 with a score of
\n72 on regular income, while neighboring New Zealand was down to
\n43.7 from a previous 65.7.<\/p>\n
India and South Korea both scored in the low 60s from previous
\nscores in the 70s.<\/p>\n
The survey of 5,469 consumers had a margin of error of four
\npercentage points.<\/p>",
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