95% of Indians are optimistic about the growth prospects of our economy. This is followed by China (88%), Indonesia (82) and Nigeria (79%), reveals a survey conducted by Standard Chartered Bank titled ‘Emerging Affluence Report 2015’.
The Indian emerging affluent are particularly confident about the country’s growth prospects in the next year, with almost two in three saying they have complete confidence about the growth prospects of India, finds the study. Among these, 41% Indians cite the strength of their economies as the main reason for their confidence. Other reasons include strong government leadership (24%) and appropriate regulation (14%).
The study was conducted in China, Hong Kong, India, Indonesia, Kenya, Nigeria and Singapore among more than 7,000 emerging affluent consumers. In India, the survey covered over 1,000 respondents in Mumbai, Delhi, Ahmedabad, Bangalore, Chennai, Hyderabad and Kolkata.
Suresh Sadagopan of Ladder7 Advisories says, “The report clearly shows that people have become optimistic with the improvement in the economy. Investor confidence has increased and there is a shift towards market linked products.”
The report shows that 82% of Indians feel that there are good job opportunities in the market and 91% of respondents feel that the younger generation has good future prospects. “We have improved technology. This means a better future for our children and for the coming generations,” says an Indian respondent quoted in the report.
Entrepreneurship
90% of respondents feel developing markets like India have good prospects for entrepreneurs to launch and grow successful businesses. The main reason is the role they can play in creating jobs and supporting their local economies and communities.
“I aspire to set up a big business by importing goods. I wish to be in a position to create jobs for the unemployed, so that they can earn a living,” said one of the Indian respondents quoted in the report.
Long term aspirations
Appetite for buying property is strong in the medium term as well for long term. The most important 10-year wealth goal among Indians is to buy property, finds the report.
For Indians, personal wealth aspirations include buying a property and launching own business. 33% intend to buy property within the next 12 months where 37% in the next 2-5 years.
97% of people have the confidence of achieving their personal wealth goals.
Savings
The report also states that Indians primarily save their money for emergencies (64%) followed by property deposit (63%) and retirement (59%).
Income
Globally, nearly two-thirds of the emerging affluent have seen their household disposable income rise in the past year. This is significantly high in countries like India, China and Indonesia.
