Consumer confidence and healthy bank balances drive consumer spending during festive season: ACNielsen

Across all regions, nearly half of North Americans will embark on a shopping spree, followed by 44 per cent of Latinos, 41 per cent of consumers in Asia Pacific and 39 per cent of consumers in EEMEA (Eastern Europe, Middle East and Africa).

'Consumers in general are more upbeat about the state of their personal finances and less concerned about the economy and job market. During the festive season, this has effectively 'switched on' their spend button,' said Piyush Mathur, Managing Director of ACNielsen.

Retailers in the EEMEA Region are set to maximize sales opportunities this Christmas, as consumers prepare to spend in the next 12 months, and as the crucial holiday selling period begins. Among the various spending options, new clothes account for 41 per cent, thus becoming consumers' top choice for disposing of their spare cash. This is followed by 39 percent of consumers opting for out of home entertainment and 35 percent holidays. 31 per cent also choose to buy new technology gimmicks, home improvement/decorating and saving spare cash.

The study also revealed that 58 percent of world consumers are optimistic about the state of their personal finance in the next 12 months. Led by India with 87 per cent, the UA follows with 82%, Russia with 71% and South Africa with 69%.

UAE's confidence in their personal finance has a lot to do with the country ranking amongst the top 10 countries of savers, with 53 per cent of the population opting to save.

As consumers become more willing to loosen their purse strings they also show greater desire for Out of Home Entertainment and holidays. Vietnam tops the list with most people choosing to use their spare cash on out of home entertainment, followed by 54 percent of Russians and 48 percent of Spanish. Greece is the other EEMEA country that is included in the list of top 10 most ready to spend on out of home entertainment.

Meanwhile, 60 per cent of Vietnamese, 58 per cent of Thais, 55 per cent of Russians, 29 percent of world consumers and 31 percent in EEMEA are considering spending their cash on new technology gadgets.