SINGAPORE, July 1 (Xinhua) -- About 71 percent consumers in Asia Pacific
are prioritizing spending on dining and entertainment, compared with 59 percent
six months ago, according to a survey released here on Wednesday.
The survey was conducted by MasterCard from March 23 to April 18, 2009 and
involved 9,211 consumers.
The survey found that consumers in the Asia Pacific region also plan to
maintain their discretionary spending for the next six months at the same level
as they did six months ago.
The survey showed that the majority of consumers in China (70 percent),
Japan (63 percent), Indonesia (59 percent), India and China's Hong Kong (58
percent each) plan to maintain their discretionary spending for the next six
months at the same level as they did six months ago.
However, sentiments are not as rosy in other parts. In Malaysia (49
percent), New Zealand and Thailand (46 percent each), the majority of consumers
are looking to reduce their discretionary spending in the next six months.
While some regions plan cutbacks, the results are generally positive. Yuwa
Hedrick-Wong, economic advisor, Asia/Pacific, MasterCard Worldwide said that the
global recession does not appear to have a serious impact on the urban middle
class in the Asia/Pacific, Middle East and Africa region compared with previous
recessions.
Private consumption is holding up well in the region, and in many markets
consumers are either planning to maintain or increase their discretionary
spending in the next six months, the economic advisor said.
The findings have thrown up that spending on children's extra curricular
activities and private tuition proves most resilient to cutbacks, with Vietnam
registering (Resilience Index score: 96), China (95) and the Philippines
(91).