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, according to global information and insights provider Nielsen.
As per a global consumer confidence index study by Nielsen, India which was ranked second in first quarter of 2013 has now slipped to the third most optimistic country, after Indonesia and the Philippines.
“India has slipped to the third most optimistic country, after Indonesia and the Philippines indexed at 124 and 121 respectively,” the survey 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).
“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.
Overall discretionary spending has taken a hit with families cutting down on out of home entertainment and expenditure, he added.