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India Emerges as World’s Second-Most Optimistic Consumer Market: Nuvama Report
Report: According to a Nuvma report, India has emerged as the most optimistic consumer market in the new year. 60% of Indians plan to increase household spending in the next six months.
One country that is on the rise in terms of optimism in consumer markets is India. There is a substantial rise in the intention of spending within houses in India. What is quite prominent is that the optimism shown in terms of spending is above many other major countries. According to the latest report from Nuvma, close to 60% of the population in India are likely to increase their spending within their houses in the next six months.
According to the report, broadly speaking, driven by strong economic growth, easing inflation, a pick-up in industrial activity, and income growth, Indian consumers are far ahead of major countries in terms of optimism regarding household spending. The level of net optimism is 27%, compared to the global average of 12% below zero. China leads the way, with consumers confident of increasing household spending. India ranks second.
Spending intentions are still there for necessary categories, such as cars, mobile phones, and home rentals, and for the future, like. But the intentions for more routine categories, such as packaged snacks and soft drinks, are relatively lower. This indicates that consumers now think before they spend.
