Australians more keen to spend

The latest Nielsen Global Survey of Consumer Confidence and Spending Intentions revealed that 55 per cent of Australian consumers will look to buy the things they desire over the coming year –  13 per cent higher than last quarter.

Despite a three-point fall in Australian consumer confidence overall to 95 in the fourth quarter of 2012, consumers have signalled a new optimism.

“Pleasingly, the survey results point to renewed hopes for a positive retail environment in 2013 – despite a slight drop in consumer confidence, the figures show a turning point in the financial stability of most Australians,” Nielsen Pacific managing director Chris Percy said.

“The number of consumers signalling their intention to buy the things they want or need over the coming year indicates a shift to positive sentiment when it comes to consumer spending, helping retailers to breathe a sigh of relief.”

Nielsen analysis shows that consumer savings intentions dropped this quarter by one per cent on last quarter, suggesting Australians continue to become more comfortable with spending.

“Globally, we have seen a drop in savings by three percentage points, and Australia is following that trend. Locally, retailers can breathe a sigh of relief as consumers become more comfortable with their discretionary spending. When asked how they will use spare cash after covering essential living expenses, one in four said they would buy new clothes and one in three intends to put their spare cash towards holidaying,” Nielsen said.