Consumer confidence in India declined during the second quarter of this year putting the country on third position globally after Indonesia and the Philippines,according to a global consumer confidence index study by Nielsen.
Consumer confidence in India was indexed at 118 in Q2 2013,a two-point decline from Q1 2013 (120),and a one-point decrease from Q2 2012 (119).
The dip in confidence over the last six months reflects the concerns of the devaluation of the rupee and the continuing inflation for urban Indians, Nielsen India region president Piyush Mathur said.
According to the survey,shifts in discretionary spending from last quarter indicate the guarded nature of consumers when it comes to spare cash. They are looking to stabilise their budgets in key categories,and entertaining out of home is not a priority anymore, he said.