The survey, conducted between August 30 and September 16, also reveals that consumer confidence in India has been receding and that the deteriorating global economic situation coupled with macro-economic indicators from within the country has started affecting consumers.
Justin Sargent, managing director, consumer, Nielsen said, Consumer confidence in India has been receding though it still manages to hold onto the highest confidence level after seven straight quarters.
The survey indicates a rising cautiousness amongst Indians about spending. Of those surveyed, 54% believe that it was a good time to buy the things they wanted or needed compared to 56% in the previous quarter.
While Indians continue to list 'savings' as a top priority, 61% of consumers say they will put aside their spare cash in savings, compared to 54% in the last quarter, after meeting their essential living expenses.
Despite inflation weighing heavily on the Indian consumer, the onset of the festival season seems to have played on the psyche of the Indian consumer as they spent more on home improvements and technology this quarter, while keeping the expenditure on clothes and holidays consistent with the previous quarter, said Sargent.
While looking over a horizon for the next six months, those polled said they were most concerned about job security (22%) and the economy (13%). Last quarter, job security was the fourth-highest concern (9%).
As far as job pospects are concerned, Indians continue to be the most optimistic globally, however, at 81% their optimism has dropped compared to the last quarters 86%.