Indian consumer confidence dropped in the
first quarter of 2013 to become the second after Indonesia due to the
"environment around them", according to a survey by market insights and
information provider Nielsen. According to the survey, Indian consumer
confidence index dropped by one point to 120 in the first quarter of
2013 after topping the global list at 121 in fourth quarter of 2012.
"The last year has seen shifting sentiment on confidence, where
consumers are feeling good about themselves, but not the environment
around them," Nielsen India President Piyush Mathur said in a statement. He said the finding highlighted a contradictory nature of the urban Indian consumer. "On one hand (Indian consumers are) cautious about the state of the
economy, and middling company performance, but at the same time (they
are) indicating a higher discretionary spending for the year," Mathur
added.
Indonesia led the global index in the first quarter of the
year, measuring at 122, up five positions from the fourth quarter of
2012. Philippines and Thailand were ranked third and fourth in
the latest list, with 118 and 116 points, respectively. Brazil came
fifth in the list, holding on to its previous position. As per the
survey, 60 per cent of respondents in India indicated they would put
spare cash into savings, up six per cent from last quarter.
Forty-two per cent said they would invest in new technology and
products, up from thirty nine per cent last quarter, while 41 per cent
reported they would spend spare cash on new clothes, a five point
increase, it added. "Consumers are looking to relax their budgets over
the next few months and indulge themselves in updating their homes,
taking vacations and enjoying entertainment," Mathur said.
At the
same time, building up savings for the future with the retirement and
mutual funds is a healthy indication of how Indian consumers are viewing
this year, he added. Further, in Q1 2013, 73 per cent indicated
optimism about their job prospects in the next 12 months, three
percentage points below 76 per cent in Q4 2012. More than one in
five respondents indicated job security as the biggest concern, up three
points from Q4 2013. The state of the economy is the biggest concern
for 12 per cent of respondents, as per the survey. The Nielsen Global
Survey of Consumer Confidence and Spending Intentions measures consumer
confidence, major concerns, and spending intentions among more than
29,000 respondents with Internet access in 58 countries.
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