The latest MasterCard Worldwide Index of Consumer Confidence paints a rosy picture of Australian economy for next six months, hoping that economy would grow better than expected leaving behind the worst of economic slowdown.
The survey reports robust increase in consumer confidence as the rating surged to 69.5 against just 24.1 during a period six months ago. The index above 50 reflects optimism in consumers while below 50 indicates pessimism prevailing in the business environment.
The survey, conducted from October 1 to November 9, 2009, is based on the answers of 10,623 consumers from 24 markets out of which 21 responded positively due to recovery of global economy ad rise in domestic demand.
Andrew Cartwright, country manager, Australia, MasterCard Worldwide added, "These results reflect the relative resilience of the local economy by global comparison, and a confidence by Australians that the year ahead will be better."
The consumer confidence index is prepared taking a number of parameters of economic importance into consideration. These parameters include economy, employment, stock market, regular income and quality of life of people.