Jan 13, 2009

Business - India tops consumer confidence globally: Survey

MUMBAI: India ranks foremost in consumer confidence as investors have been safeguarded by India's relatively nascent financial markets, a study by
market researcher Nielsen showed.

Indians are "the most optimistic lot globally who think that their country will be out of the economic recession in the next twelve months," Nielsen said in a biannual report.

The Nielsen Global Consumer Confidence study polled more than 26,000 consumers across the globe about their confidence levels and economic outlook.

"Despite the global economic recession Indians seem to be quite confident of the economy picking up in the near future," it said.

"They believe that the global recession will have limited impact on India where the domestic market is believed to be large enough to support continued growth."

The Nielsen Global Consumer Confidence Index surveyed 52 markets of which 43 recorded a fall in the consumer confidence index from the first half of 2008.

"In such conditions it is the fast developing markets that are turmoil-proof with their consumers appearing to be more optimistic," Nielsen said.

Of Indian respondents, 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.

"Though the conditions might not be as great as they were in the past few years, the growth opportunities in India are better than most other countries at the moment," it added.

But the economy and terrorism ranked as major concerns among Indian consumers. India's concern about terrorism topped the list when the survey was conducted in October last year, ahead of the terror attacks in Mumbai.

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