By PHILIPPINE DAILY INQUIRER
The year-on-year trend for the Philippines was up 2 points, however.
While consumer confidence across a number of Southeast Asian markets took a dip in the third quarter, the other countries in the region that remained the world’s top 10 most optimistic were Indonesia, Thailand and Vietnam.
After the Philippines, Indonesia closely follows as the market with the fourth-most-confident consumers, with a score of 116 (the Philippines scored 115), dropping 4 points from the second quarter and down 9 points year on year.
Thailand (ranked fifth globally) was flat quarter on quarter with 111 and down 2 points compared with the same quarter a year ago.
Vietnam ranked 10th globally with a CCI score of 105, up 1 point quarter on quarter and up 3 points year on year.
Meanwhile Malaysia, which posted the region’s lowest score (78), also posted the region’s steepest decline, down 11 points quarter on quarter and 21 points year on year, largely driven by consumer concern around currency devaluation and rising food prices.
Globally, consumer confidence rose slightly to 99 in the third quarter, up 3 points compared with the second quarter.
The survey further revealed that recessionary sentiment among Filipino consumers was down by 1 percentage point in the third quarter, along with Singaporeans (minus 5) and Vietnamese (minus 3).
In contrast, recessionary sentiment rose in Malaysia (16), Indonesia (10) and Thailand (8).
Job security, a work and life balance and health feature prominently in Filipino consumers’ list of key concerns. Similar with other consumers in Southeast Asia, Filipinos continue to give financial security top priority.