It is said that intentions to buy big assets like cars, property and luxury items are less in India. Indians of lower income areas do have mobile phones but not computers. A fraction of the survey states, “70 percent of Indians say they have no computers in the home. Only 19 percent of respondents register having access to the internet. If we begin to see a shift away from spending on essentials items, this should be one of the areas to benefit.”

“At a time when investors are debating how sensitive emerging economies are to global trends and broader market turmoil, especially within Europe, this survey provides the investors a unique perspective on consumer behavior at ground level. More broadly, the survey highlights the major income and demographic differences and cultural and social drivers within the emerging world, a key consideration for spending preferences and also for the brand positioning of companies,” says Stefano Natella, Head of Global Equity Research at Credit Suisse.

Ali Naqvi, Credit Suisse’s Asia Pacific Head of Equities said, “Headline results from the three Asian markets surveyed further evidence that consumers are much less affected by the pessimism that has beset consumers in other countries. The Asian consumer is still optimistic and this delivers a clear message to global investors: Asia’s consumption growth story remains intact, despite the lack of economic confidence globally.”