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India Ahead of China and U.S. in Consumer Confidence

By SiliconIndia  |   Wednesday, 02 November 2011, 02:57 Hrs
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Bangalore: India perched on top with 121 points to beat U.S. and China in consumer confidence. In what could be seen as a visible indication of Indian economy's recovery from the financial slowdown, the country topped the Neilsen Consumer Confidence Survey beating China and U.S. by a margin of 104 points and 77 points respectively, within all four quarters of 2010. However, the global economic conditions have made the Indians cautious about the future and they are exercising some restraint in their spending habits.

According to the global online consumer findings of Neilson, global online consumer confidence fell for the seventh consecutive quarter as confidence in 31 out of 56 global markets measured decline.

"Third quarter was volatile and challenging for global economies and financial markets amid stagnant U.S. unemployment figures and a worsening euro zone debt crisis," said Dr. Venkatesh Bala, Chief Economist at The Cambridge Group, a part of Nielsen. "A recessionary mindset is growing among consumers as more than half say they are currently in a recession - up four percentage points from last quarter and seven points from the start of the year. The result is continued spending restraint for discretionary expenses, which is expected to continue into the next year," he said.

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