Warc, 30 April 2014
MUMBAI: Only one third of Indian consumers believe that
their local economy is good, but half are optimistic about their economic
prospects for the next six months.
According to the latest edition of the Ipsos Economic Pulse
of the World study, which surveyed 18,675 people in 25 countries, India remains
among the most economically confident countries in the world.
Some 58% people there rated the national economy to be good,
putting it in sixth place behind Saudi Arabia (86%), Sweden (80%), Germany
(76%), China (69%) and Canada (66%).
While the figure for India was down three points on the
previous month's study it was still far above the global average of 38%.
A rather different picture emerged, however, when
respondents were asked to rate the economy in their local area. While India was
still among the leaders, only 35% felt able to describe their local economy as
good, a two point decline from the previous Ipsos release.
Leading the way on this measure was Sweden (60%), followed
by Saudi Arabia (57%), Germany (54%), China (51%), Canada (44%) and Australia
(36%). The global average was 27%.
Mick Gordon, CEO, Ipsos in India, pointed to higher food costs,
growing inflation and signs of a slowdown as reasons for the dip in consumer
confidence. But, he told IIFL, this was balanced by optimism about the outcome
of the current election.
"Indians are hopeful that the new central government
which will come to power with fresh mandate in May will bring in stability,
push economic growth and build investor confidence," he said.
According to the latest Ipsos study, Indians were twice as
optimistic as the rest of the world, with 50% expecting their local economy to
be stronger in six months' time. Only Brazilians, with the FIFA World Cup
coming during that period, were more positive (58%).
Data sourced from IIFL; additional content by Warc staff
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