India numero uno in Credit Suisse emerging consumer scorecard
India has once again topped the Emerging Consumer Scorecard released by Credit Suisse. India occupied 1st place in the 2015 scorecard and continues to occupy the same place in 2016. India is followed by China and Saudi Arabia, both of whom occupy second position. According to the survey, Indian consumers remain optimistic about their current and future finances and low inflation expectations.
Credit Suisse is a multinational financial service company which was founded in 1856. The company positions itself as a leading global wealth manager and a leading global private bank. It employees 48,200 employees from 150 countries and has a presence in 50 countries. Headquartered in Zurich, Switzerland, it has four divisions: Investment Banking, Private Banking, Asset Management, and a Shared Services Group.
Credit Suisse Research Institute profiles consumer sentiments and their drivers across the emerging world and provides insight into their future consumption patterns. It releases its Emerging Consumer Scorecard every year, based on surveys of 16,000 consumers by Neilsen in different emerging economies. The survey is conducted across 9 emerging economies - India, China, Saudi Arabia, Brazil, Mexico, Russia, Indonesia, South Africa and Turkey.
The outcome of the 2014 general elections in India had revived consumer sentiments which was reflected in the Credit Suisse emerging market scorecard 2015. India had jumped from the 4th position in 2014 scorecard to displace China and occupy the top position in 2015. The survey observed that the average Indian household's income had increased by 10% after staying stagnant for 2 consecutive years.
According to the 2016 survey, China and Saudi Arabia were jointly at 2nd position, followed by Indonesia (4th), Turkey (5th), Mexico (6th), Brazil (7th), South Africa (8th) and Russia (9th).
The scorecard says that the income of average Indian respondents have increased compared to a decline in the emerging markets' average. "Weak currencies, political risk and commodity exposures" have contributed to the consumer sentiments. While the sentiments were negative in Russia, Brazil and South Africa, they were optimistic in India, China, and Saudi Arabia. However, the survey notes a moderation of expectation in India.