According to latest Nielsen research consumers globally are growing increasingly optimistic about their financial wellbeing, particularly in developing markets throughout Asia-Pacific, Africa & Middle East and Latin America. Globally, 58%of global consumers feel they are better off financially than they were five years ago, with around half of consumers (52%) in Africa and the Middle East regions feeling positive toward their current situation. However, a sizeable proportion of consumers feel that they are in survival mode, with sentiment differing considerably by region and country.
The research also showed that consumers’ perceptions of their personal financial situation play a role in influencing their purchasing behaviour. As a result of changing aspirations or priorities, consumers are proactively adapting their overall wallet allocation on fixed and discretionary expenses.
Click here to view the Nielsen infographic that illustrates how consumer spending is evolving in the African and Middle East market.