Indian consumer confidence high despite current turmoil

Infact, we Indians are so confident that we have topped the global consumer confidence Index recently released by Nielsen.

According to the Nielsen Index, the global consumer confidence has nosedived, dropping from its peak of 99 in 2006 to 84 this time round.

Of the 52 global countries surveyed, 43 (or 82 per cent) have recorded a decline in the Consumer Confidence Index from the first half of 2008.

While most of the developed market went into plunge, the BRIC or the fast developing countries have strengthened their positions over earlier years.

India tops the world as the most optimistic, Brazil and China recorded an increase in their Index score and Russia ranked the fifth most optimistic — all gained places as the global top 10 most optimistic countries.

We are constantly hearing about job cuts and downsizing – but contrary to this, the Nielsen survey puts forth following findings

16 percent said they considered job prospects in the country “excellent” while 59 percent felt job prospects were “good”. The survey found 75 percent respondents were upbeat about local job prospects over the next 12 months. [source]

Now thats really surprising to know !

Not only that, more than half (51 per cent) of Indians think that their country would be out economic recession in the next one year

Some of the other highlights of Survey

• 77 per cent of Indian respondents consider the state of their personal finances to be “excellent” to “good” for the next 12 months.
• Even with the huge stock market crash Forty-two per cent Indians invest in shares of stock or mutual funds, although a drop of six percentage points over last year.
• 40% of Indian respondents remain confident that now is a good time to buy things they want or need.

Although comparatively much lower, there are concerns as well…

• Besides economy (25 per cent), terrorism (24 per cent) ranks as the second major concern among the Indian consumers
• Work-life balance figured third on the list of major concerns for 21 per cent Indians.
• one in 10 is concerned about children’s education and/or welfare, increasing utility bills, increasing fuel prices and health.

So what is your opinion? Do you think we will come out of this economic recession in next 12 months?

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Author: Arun Prabhudesai

Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin or get in touch with him at admin-at-trak-dot-in or 91.9822575676.

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