The confident Indian consumers are quite optimistic about the economy picking up in the near future. The global economic recession may have bred insecurities in jobs, relationships, shares and business. It may even have made the day to day needs a little expensive. Yet, Indians sure believe that the domestic market is large enough to support continued growth.
A study by The Nielsen Global Consumer Confidence showed that India ranks foremost in consumer confidence as investors have been safeguarded by India’s relatively nascent financial markets. Indians are “the most optimistic lot globally who think that their country will be out of the economic recession in the next twelve months,” said market researcher Nielsen.
“Despite the global economic recession Indians seem to be quite confident of the economy picking up in the near future.”
“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.”
“In such conditions it is the fast developing markets that are turmoil-proof with their consumers appearing to be more optimistic,” said Nielsen.
The survey showed that 16 per cent respondents said they considered job prospects in the country “excellent” while 59 per cent felt job prospects were “good”. Also, 75 per cent 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,” the report added.
Interestingly, India’s concern about terrorism topped the list when the survey was conducted in October 2008, ahead of the terror attacks in Mumbai. And still it ranks as a major concern along with the economy among the Indian consumers.