India tops the world in consumer confidence
Indian consumers have the greatest propensity to spend even as consumers globally are tightening their purse strings amidst uncertain economic conditions, a survey by research firm Nielsen said on Monday.
India topped the list of 53 countries, where the consumers were mapped by Nielsen for confidence and spending patterns. In fact, nine of the top ten most confident nations are from the Asia pacific. Thailand, Australia and Indonesia came close on the heels of India with positions from second till fourth respectively. Portugal was last.
India’s index reading was 129 and Portugal’s reading was 44. A number below 100 signals pessimism and above 100 indicates optimism about outlook.
The Nielsen survey that gauges consumer’s confidence, concerns and confidence across the world said consumer confidence has actually declined in most developed markets that include the US (confidence index at 81) and Europe.
“Global consumer confidence fell ….as consumer’s hopes for a full economic recovery this year fades in most parts of the world. The consumers around the world remain largely pessimistic about job prospects, personal finances and their ability to buy the things they want and need over the next year,” the survey said.
It further pointed out that US consumers are clearly restrained by a lack of confidence. “With a stubbornly weak labour market (US) consumers are concerned about jobless recovery and managing personal finances,” the survey said.