With joblessness on the rise and investments worth less and less, consumers in Asia are increasingly unwilling to spend, a survey has suggested.

Shoppers in Australia, New Zealand, Taiwan and particularly Hong Kong are becoming markedly more gloomy about their prospects, market research firm ACNielsen said.

The firm said 99% of the 8,000 people in 13 Asian countries it interviewed said they felt in the grip of a global recession, up from 85% in its last survey six months ago.

"It looks like we may have to wait another 12 to 18 months before the region's consumers open their wallets again," said Frank Martell, President, ACNielsen Asia Pacific.

One third of those polled said the general worsening of the economy was their biggest fear, while 27% - and as many as 39% of the Hong Kong sample - put job security at the top of the list.

Mixed messages

The picture was by no means dismal across the board.

In mainland China, South Korea and Singapore - the states with the best recent economic performance - consumers were more optimistic than they were in December 2001.

But, in general, sentiment was worsening, ACNielsen said.

Only 14% of the sample said they thought recovery will come before the end of the year, while one quarter said it would take until at least 2004 for things pick up.

"Prolonged deflation and a depressed property sector added to rising unemployment and volatile equity markets have taken a real toll on consumer confidence," Mr Martell said.

"People do not yet see much light on the horizon."

Major purchases such as cars, investments and property are being put on hold till circumstances improve, he said.

Going down under

One key change, ACNielsen said, is that Australasia's weak currencies, and strong export performance, were no longer shielding it from the global slowdown.

"Previously, Australasia had been largely insulated from the recession, due mainly to the wealth effect of the property boom in those countries," Thursday's report said.

"What we are now seeing is raising concerns in Australia and New Zealand as to whether the local economies can remain buoyant in the face of a sustained downturn in the US."