The global consumer confidence in India is at the peak. This was revealed in the latest Conference Board Global Consumer Confidence Survey, which is conducted in collaboration with Nielsen.
The survey which was conducted over the internet polls more than 32,000 consumers in 64 countries across Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America.
India had a Consumer Confidence Index (CCI) score of 133 in the fourth quarter of 2018 edging past the Philippines (131) and Indonesia (127). India maintain its number one position from the third quarter when it scored 130 on the index whereas the Philippines and Indonesia were joint fourth in Q3 of 2018 with an identical score of 126.
South Korea has the most pessimistic consumers in the world. People there are worried about rising inflation, lower wage growth, a weak stock market, unemployment and global trade uncertainties. Meanwhile, the Global Consumer Confidence Index increased one point to 107 in the fourth quarter of 2018, the highest in 14 years.
The main indicators measured by Conference Board CCI are optimism towards job prospects, the health of personal finances and spending intentions in the next 12 months.
Globally, consumers perceptions towards job prospects and personal finances remain positive but consumer sentiment towards spending remain low and less optimistic because of anticipated higher prices due to higher oil prices creating inflationary pressures, uncertainty with regards to global trade, falling currency and rising interest rates affecting borrowing costs.
With the exception of North America where consumer confidence is at its highest for years, developed economies are generally less optimistic. With a reading of 100 on the CCI considered positive, European consumers tended to be the least optimistic with an average score below 90. Whereas their Asian and North American counterparts tended to be more upbeat.
Consumers in the Latin America, Middle East and Africa are considered to be cautiously optimistic with a score in the nineties, but all regions have seen improvements in consumer confidence in the last year. The survey shows the CCI in the Asia-Pacific increased three points to 117.