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India, Indonesia Top Consumer Confidence Index

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Global consumer confidence edged higher in the third quarter, based on an improvement in the United States, although uncertainty about the economy continued to cap spending, Nielsen Global Consumer Confidence Index showed.

This year, India & Indonesia top the index globally at 119, though more than three In five Online respondents In India say they believe the country is going through an economic recession. In the third quarter, almost four in five (77 per cent) online respondents in India are optimistic about their job prospects. Optimism over personal finances declined one point to 76 per cent from the last quarter.

Nielsen’s survey shows that job security (22 per cent) and state of the economy (14 per cent) continue to be the biggest concerns for Indian respondents.

“More than three in five online respondents (62 per cent) said they believe India is going through an
economic recession this quarter,” it added. In the same quarter last year, only 44 per cent of the respondents had felt India was going through an economic recession.

Commenting on the findings, Nielsen India Region President Piyush Mathur said, “While the second quarter of the year indicated a growing anxiousness amongst Indian consumers, the third quarter echoes that sentiment across key parameters for the Indian consumer today”.

Although the sentiment of rising inflation combined with other economic and personal pressures have taken a toll on consumer confidence, the Indian consumer seems to have reconciled with the challenges, he added.

“In a typically resilient fashion, they have adopted various strategies to counter inflation through a much keener effort to seek better deals at the point of sale and by timing bigger ticket purchases,” Mathur said.

According to the latest findings, 77 per cent of online respondents in India are optimistic about their employment, which is down from 81 per cent from the same quarter last year but consistent with the second quarter of 2012.

“Globally, Indian online consumers (77 per cent), followed by online consumers in Philippines (72 per cent) and Thailand (72 per cent), are the most optimistic about their job prospects in the next twelve months,” Neilsen said.

Job security (22 per cent) and state of the economy (14 per cent) continue to be the biggest concerns for Indian respondents, the Nielsen survey said.

Just under half (49 per cent) of Indian respondents said they consider it a good time to buy things they want and need. This has increased by one percentage point from the previous quarter and decreased five percentage points for the same period last year (54 per cent in Q3 2011).

Slightly less than four in five (79 per cent) online respondents indicated that they have changed their spending habits to save on household expenses from last year, up three percentage points from the same quarter last year (76 per cent). In order to save on household expenses, the top three actions reported are to spend less on new clothes (53 per cent), savings on gas & electricity (52 per cent) and cutting down on out of home expenditure (40 per cent).

The survey was conducted between August 10 and September 7, 2012, polling more than 29,000 online consumers in 58 countries throughout Asia Pacific, Europe, Latin America, West Asia, Africa and North America.



 


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