Demonetisation has apparently failed to deter the Indian consumers' outlook for the near future as India tops the Asia-Pacific region as the most optimistic market.
Consumers in India are 'extremely optimistic' in their outlook for the next six months, with those under the age of 30 years (96.5) being more optimistic than those over 30 years (94.7). Their outlook on the economy (96.3) and stock market (96.2) also exhibits a high level of confidence, according to the latest Mastercard Index of Consumer Confidence H2 2016.
Porush Singh, country corporate officer, India and division president, South Asia for Mastercard, said: "It is very encouraging that India's confidence in the economic outlook remains optimistic amid various economic developments in the country. This result is particularly interesting in light of the government's recent demonetisation decision that has brought significant change to people's
lives as they navigate from a cash-intensive economy to a less-cash economy."
The Mastercard Index of Consumer Confidence is based on a survey conducted across 17 markets in Asia Pacific, between November and December 2016. In the survey, the respondents were asked questions pertaining to their employment prospects, the local stock market, their regular income prospects and their quality of life.
India, with an overall score of 95.3, topped the Asia Pacific region despite recording a slight dip of 2.4 points from the previous survey.
After India, Myanmar (92.8), Vietnam (92.3) and the Philippines (91.6) also remain extremely optimistic in their outlook. However, Singapore, Taiwan and Malaysia were most pessimistic in their outlook for the near future.