India continues to lead the global consumer confidence index in the third quarter of this year, followed closely by the US and much ahead of China, a global report said last week. Nielsen, a global information and insights provider, in its latest report said in the third quarter of this year, India’s consumer confidence score was at 131 followed by the US (119), Philippines (117) and Indonesia (116).
The US showed the biggest quarterly improvement of 18 points, and Taiwan showed the biggest quarterly decline of 12 points from the second quarter. South Korea reported the lowest score of 49, an increase of four points from the second quarter. India’s score remained at 131, while confidence decreased one point in China (106) and three points in Japan (80).
The Nielsen consumer confidence index among 61 countries measures perceptions of local job prospects, personal finances and immediate spending intentions. During this period, consumer confidence declined in eight of 14 countries in the Asia-Pacific region for an overall score of 106, a decline of one index point from the second quarter, it said.
“Indian consumers continue to declare a resilient outlook in the face of uncertainty in the broader economy,” said Roosevelt D’Souza, senior vice president, Nielsen India Region.
“While their confidence appears to sustain at the previous high levels, the state of the economy, deficit monsoons and volatility in the job market are prevailing issues in the region,” he said in the report.
“That said, the belief in the fundamental prospects of India’s economic future appear unshaken and the proportion of consumers who see brighter days ahead are growing and being reflected in an increase in volume growth within packaged consumer goods,” he said. “Nevertheless, it is possible that any uptick in consumer spending is more likely to be stimulated by smart marketing and a surge in activity led by e-commerce players as we approach the festive season,” D’Souza said.
“With a softer interest rate direction, inflation under control and the outlook that the economy is likely to gradually revive to previous levels over the next 12 months, India’s consumer market will continue to work its way towards a more gradual buoyancy,” he added.