Nielsen's Global Consumer Confidence Index rankings

Poor job prospects and cautious spending have brought down India's consumer confidence in the June quarter of 2017 to a year-ago level, pushing the country to the second spot in Nielsen's Global Consumer Confidence Index rankings.

With a CCI score of 128, India has been overtaken by Philippines which scored 130. At the current level, India has slipped eight points below its Dec quarter 2016 score of 136.

Prasun Basu said major events in the past three quarters towards creating a larger formal economy that will lead to re-defining of jobs and re-skilling as businesses and processes restructure themselves is a likely cause of a short-term anxiety. Besides, perceptions on prices due to the new tax regime could result in consumers exercising caution around spending.

Yet, according to the report, India continues to reflect high confidence that it has held for the past three years among 63 countries that Nielsen covers in its CCI, built on an online survey every quarter since 2005. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively. Global consumer confidence showed signs of continued improvement in the second quarter of 2017, with an index score of 104, which was up three points from Q4 2016.

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