Globally, more than six-in-10 respondents (63%) say they like when manufacturers offer new products. But while consumers across the globe are enthusiastic about new products, their purchasing patterns vary widely.
Consumer confidence in Asia-Pacific increased in nine of 14 markets measured by Nielsen in Q1, compared to only three that rose in Q4 2014. Nine markets in the region remained at or above the 100-baseline level of optimism. At 130, India reached its highest level since 2011—up one-point from Q4. Confidence in India has been on the rise for six consecutive quarters.
Any multinational looking for solid growth should be taking a hard look at India. In 2015, India’s economy will grow faster than China’s for the first time in 16 years. In fact, the IMF forecasts India’s GDP growth to expand by 7.5% this year and next.
While the Indian economy boasted a 9 percent boost in GDP during its 2007-2011 fiscal years, the last two years have been a different story. In fact, India has been staring down the barrel of a severe economic crunch. But the horizon appears brighter, which should provide relief for India’s FMCG market.