The downturn is history for the Indian consumer.
Consumer confidence in India was the highest in the world during the January-March period, according to a survey conducted by the New York-based Nielsen Company in March.
The survey report released on Thursday showed consumer confidence is strongest in emerging Asia Pacific and Latin America, while most Europeans remain edgy on the pace of their economic recovery and the euro zone debt crisis.
Globally, the Nielsen Global Consumer Confidence Index averaged a reading of 92 points in the first quarter, six points higher than in the third quarter of 2009 and the highest level since the third quarter of 2007.
All regions saw improvement in consumer confidence, but the gap in the pace of economic recovery widened between the
booming Asia Pacific and Latin American countries compared to the sluggish recovery in the US and western Europe.
“Asia Pacific consumers, who were among the first to cut back drastically on discretionary spending 18 months ago, are now confident enough to spend their way out of recession,” said Venkatesh Bala, chief economist, Nielsen Cambridge Group.
The survey of more than 27,000 consumers in 55 countries, showed consumer confidence declined in seven of 28 European countries, with Greece reporting the largest fall.