Markets around the world have faced fluctuating economic conditions in recent years, with many economies experiencing varying degrees of growth or recession. Amid these unpredictable conditions, many experts expected an uptick in consumers’ financial situations and millions of consumers to join the middle class. Conversely, many commentators questioned whether economic progression was proportionate, pointing to growing wealth gaps in many markets. The pundit catchphrase ‘haves and have-nots’ points to a growing divide, where the rich are getting richer and the poor are getting poorer, despite country economic performance.
The NielsenIQ Changing Consumer Prosperity report reveals consumers’ sentiment toward their financial situations and explores the behavior and impact on spending, and how this has changed over time.
Financial wellbeing does not equate to wealth
Asia-Pacific consumers feel the most optimistic about their financial situation, with 70% reporting that they are in a better position today compared with five year s ago. Europeans are the least positive, with only 37% of consumers saying they are currently in a firmer financial position.