Indian consumers remain most optimistic, among nine nations surveyed by Credit Suisse, about their current and future finances and relatively lower inflation expectations.
According to Credit Suisse Emerging Consumer Scorecard 2016, India topped the chart, while China and Saudi Arabia shared the second position.
In 2015 scorecard also India was at the top position.
"India comes out on top. While there may have been a degree of disappointment in terms of the follow-through in terms of policy after the election of the new government in some of the official indicators, relative strengths of Indian consumer still stand out in the emerging world, particularly where income is concerned," said the survey for this year.
The survey covered nine countries -- Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey.
The average Indian respondent's income has increased compared with a decline for the emerging markets average, although income expectations going forward have moderated.
"While there has been a degree of moderation in expectations after the initial post-Election euphoria, Indian consumers stand out amongst their emerging market peers with higher confidence about their current and future finances and relatively lower inflation expectations," the report noted.
However, India has amongst the lowest penetration rates for most categories, and the survey points to fast growth in consumption in categories with very low penetration like female hygiene products and smartphones.
Besides, segments like beer and perfumes are showing fast-improving longer-term trends.
As for other rankings, Indonesia was at the fourth place, followed by Turkey (5th), Mexico (6th), Brazil (7th), South Africa (7th) and Russia (8th).
"Weak currencies, political risk and commodity exposures all contributed to the wide range of consumer sentiment expressed in this year's report. The negativity of in Russia, South Africa and Brazil contrasted sharply with the relative optimism apparent in India, China and Saudi Arabia," Credit Suisse Deputy Global Chief Investment Officer Giles Keating said.
