Indians are most optimistic globally about their job prospects for the next one year,although their confidence and spending has not increased in third quarter of 2010,according to a survey.
As per the Nielsen Global Consumer Confidence survey,more than nine out of ten Indians (91 per cent) are optimistic about their job prospects in the next 12 months.
“The confidence in job prospects also translates into optimism on the financial front for Indians. More than eight in ten Indians (83 per cent) are optimistic about their state of personal finances in the next twelve months,the highest percentage globally,” it said.
The report,however,said after a steady increase in the first two quarters of this calender on a year-on-year basis,degree of optimism of Indians on the state of the economy has not grown,although the same for their global peers saw a dip.
“Indian consumers are confident about their economy and have shown similar confidence levels as the second quarter of 2010; however these levels have not increased like they did in the first two quarters of 2010,” The Nielsen Company Managing Director (Consumer) Justin Sargent told reporters here.
This indicates stabilisation in the trend and also reflects the fact,consumers are wary of the uncertainties that surround global economic conditions,he added.
As per the findings of Nielsen Global Consumer Confidence survey that polled 26,000 consumers in 53 countries,India’s index stood at 129 as compared to global index of 90.
Thailand was the second country to see highest consumer confidence levels at 117 index points as per the survey.
Consumer Confidence Index (CCI) is the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending.
According to the survey,67 per cent of Indians are of view that their country is not under an economic recession,while the rest believed that the country is currently under a recession,a two percentage rise over the second quarter of this year.
“In third quarter of 2009 more than half the consumers surveyed believed that India was under an economic recession,” the survey said
Of the 33 per cent Indians who thought India was undergoing an economic recession,53 per cent believed it will be out of recession in the next 12 months,the highest percentage for any country globally to think it will be out of the recession in the next one year.
More than half 56 per cent of global consumers believed they were currently in recession and 48 per cent did not believe that they will be out of a recession in the next 12 months.
In terms of optimism over job prospects,Singapore (78 per cent) and Thailand (77 per cent) are the next most optimistic nations when job prospects in the next twelve months are considered.
In the third quarter of 2010 nearly six out of ten Indians were optimistic about shopping. “Indians appear to have loosened their purse strings compared to previous quarters,” Sargent added.
As many as 65 per cent Indians put their spare cash into savings,while 48 per cent invest in stocks or mutual funds.
New technology products are the next on the list as 42 per cent to put their spare cash into buying new technology products.
Despite optimism,Indians also have some concerns such as increasing food prices,work-life balance and job security,the survey said.