IANS | 22 Nov, 2023
India is one of the most optimistic markets, compared to other global
economies, with 5 out of 10 exhibiting positive sentiment with regards
to both macro-economic factors such as geo-political concerns, recession
or inflation as well as micro factors such as personal finances and
their future income outlook, as per 2023 Global Consumer Sentiment
survey from Boston Consulting Group (BCG),
“This positive attitude
is translating into spending resilience, with 36 per cent of consumers
in India expecting to increase their spending in the next 6 months
across categories, much higher than the global average of 17 per cent.
"This
positive spend outlook is being driven more so by young working adults,
looking to spend on more experiential categories such as
travel/leisure, entertainment as well big-ticket purchases like auto and
electronics” said Nivedita Balaji, Associate Director, BCG.
There
is no single answer regarding how consumers around the world are
feeling. Concerns about both macro and micro issues are high, and both
show wide ranges, from less than 50 per cent of Indian and Chinese
consumers worried about personal finances and income to more than 80%
worried in Japan, Argentina, and France. Consumer sentiment in the US
rests roughly in the middle.
The spending outlook is relatively
positive among young working adults -- those who are 18 to 34 years old.
Sixteen per cent of that group expects to change their spending,
compared with 13 per cent for those aged 35-44 years old and 8 per cent
for those aged above 44 years, the survey said.
Certain countries
continue to see positive sentiment and a good spending outlook --
particularly India, China, the United Arab Emirates, and Saudi Arabia.
These nations will continue to see growth over the next one to two
years, as per the survey.
