Mumbai: The emerging affluent in India are more confident about the growth prospects of business than their global peers, finds a new independent study commissioned by Standard Chartered.
Around 90 per cent of respondents in India feel that there are good prospects for launching and growing successful businesses in India, encouraged by a strong economy and government leadership as well as appropriate regulation.
Rising incomes are paving the way for increased spending, with overseas travel being the top priority in the next five years while buying property was the long-term wealth goal.
According to the study, 95 per cent of the emerging affluent in India are extremely confident about the local economic growth when compared to 88 per cent in China, 82 per cent in Indonesia, 77 per cent in Singapore and 48 per cent in Hong Kong.
Similarly, a higher number of Indians are confident about job opportunities and future growth prospects for the younger generation. Just one in four emerging affluent Hong Kongers say there are good future prospects for the younger generation, compared to nine in 10 of India’s emerging affluent.
Nearly two-thirds of the emerging affluent have seen their household disposable income rise in the past year, with the figure significantly higher in China, India and Indonesia. The survey also highlighted that the emerging affluent in Hong Kong and Singapore have different short-term spending priorities to their counterparts in the developing markets, with overseas travel topping the list. By contrast, the emerging affluent in India, Indonesia, Kenya and Nigeria say children’s education is their top spending priority. On the other hand, domestic travel heads up the spending plans among China’s emerging affluent....