Indian consumers are no longer the most optimist lot in the world; the Philippines has topped market researcher Nielsen's global consumer confidence survey in the quarter ended June.
The consumer confidence Index score for India -the most optimistic country in the world for the past two years -dipped to 128 in the second quarter of 2016, down from 134 in the previous quarter, according to Nielsen Global Survey of Consumer Confidence and Spending Intentions study .
Optimism among Filipino consumers recorded a 13-point surge QoQ to 132 points, helping the Southeast Asian country top the Nielsen index for the first time. “The dip in index hints at caution for consumers in India, with the hardening of fuel prices, rising inflation, and concerns around the monsoon (in the June quarter),“ said Prasun Basu, president -South Asia, Nielsen.
He added that there was a tilt towards savings versus discretionary spending among Indian consumers, leading to a softening in volume growth of consumer goods in the second quarter vis-a-vis the previous quarter, and muted auto sales.
According to the survey, job security and state of the economy continue to be the top two concerns for Indians this quarter. About 82% of respondents indicated they have changed their spending to save on household expenses, including saving on gas, electricity, new clothes and better deals for home loans, insurance, credit.
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