By Matt Clinch
February 20 (CNBC) — With wage rises failing to match the flickering signs of an upturn in the global economy, chief financial officers have told CNBC that a lack of consumer spending is a major fear for their companies.
CNBC asked 51 chief financial officers (CFO) from Europe and Asia who make up the CNBC CFO council to give their insight on the state of the world economy and conditions for doing business. Nearly half of the respondents ranked weakening consumer demand as their strongest concern for their business. No other risk factor even came close, with fears of a China slowdown receiving 16 percent for their highest ranked concern.
The results match a similar signal from CFOs in the America. In December, the U.S.-based members of the exclusive Global CFO Council ranked weakening consumer demand as one of biggest issues keeping them up at night.\