Indian consumer confidence declines; ranked 3rd globally on weak Re concern

Written by Press Trust of India | New Delhi | Updated: Jul 24 2013, 09:23am hrs
Consumer confidence in India declined during the second quarter of this year putting it on third position globally with concerns of rupee devaluation and continuing inflation bothering urban Indians, Nielsen said. India, which was ranked second in first quarter of 2013 has now slipped to the third most optimistic country, after Indonesia and the Philippines. 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. 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). Consumers are also being cautious and are controlling expenses for essentials. However, they are relatively optimistic about the job market which can be the function of some sectors with more opportunities, Mathur said.