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Confidence returns to Taiwan, says MasterCard report

Consumers in Taiwan rebounded the second fastest after Hong Kong from last year's gloom over the war in Iraq, the outbreak of SARS and the threat of terrorism, according to a report from MasterCard International released yesterday.

In the last six months, consumer confidence in Taiwan has risen from its lowest score ever in the 100-point MasterIndex of Consumer Confidence of 26.5 to 65.7 now. Taiwan's score a year ago was 38.9 and its average score is 49.7, the report said.

"The latest MasterIndex results clearly reflect the remarkable improvement in Taiwanese consumers' confidence for the first six months of this year," Tina Chiang, vice president and business manager for MasterCard International in the Greater China region, said in a statement.

"Taiwan's strong rebound in its MasterIndex score shows not only the recovery of Taiwanese consumers' confidence but also points to growth prospects for Taiwan's economy this year," Chiang added.

Hong Kong bounced back from 23.2 six months ago to 81.1 now. Overall the index has reached the same levels as before the Asian economic crisis in 1997, and is now well above its historical average, the report said.

Before the economic crisis, the consumer confidence index stood at 65.3 on average, and is now 64.9, well ahead of the historical average of 55.2.

Thailand, Malaysia and Vietnam are the most optimistic nations with scores of 95.1, 93.5 and 91 respectively. Vietnam has just joined the 11-year-old survey, the report said yesterday.

"The substantive gains in consumer sentiment in most Asia/Pacific markets from six months ago demonstrates the region's remarkable recovery and growth prospects," said Stuart McDonald, a senior vice president at MasterCard International.
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