Indians tend to be optimistic by default: there is a popular adage that “whatever is happening, that is for the good!” But Indians have cause to be optimistic in the current economic environment as the global recession seems to only have just brushed India thus far. According to Nielsen’s consumer confidence index for the second half of 2008, India had one of the highest rankings among the 52 markets the company conducted its survey.
The survey found that 77 percent of Indian respondents considered the state of their personal finances to be excellent or good. The economy – though not as strong as in past years – is expected to grow at 6-7 percent in 2009, and unemployment stood at 6.8 percent. Sales of consumer packaged goods continued to show solid growth in 2008 – up 19 percent in sales and 7 percent in volume. Retailers also continue to move ahead with expansion plans in the country.
But Indians are making changes to the way they spend their rupees. While their intentions to spend on personal comforts such as new clothes, technology and home improvements are stronger than the global average, they plan on cutting back spending on holidays and entertainment outside of the home.
Read the full report.
Watch Nielsen Wire for updated global consumer confidence indexes this week.