New Delhi, 16th January, 2017 – Consumers in India remain extremely optimistic in their outlook for the next six months, according to the Mastercard Index™ of Consumer Confidence (H2 2016) released today. India tops the Asia Pacific region as the most optimistic market despite recording a slight dip of 2.4 points in overall consumer confidence to 95.3 points. Consumers in India are ‘extremely optimistic’ about all five components measured in the Index, with their outlook on the Economy (96.3) and Stock Market (96.2) showing the highest levels of confidence. The latest findings also indicate that consumers under the age of 30 years (96.5) are more optimistic than those over 30 years (94.7).

The latest Mastercard Index of Consumer Confidence is based on a survey conducted across 17 markets in Asia Pacific, between November 2016 and December 2016. The Index and its accompanying reports should not be interpreted as indicators of Mastercard’s financial performance.

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 demonetization decision that has brought significant change to people’s lives as they navigate from a cash intensive economy to a less-cash economy.”

The continued optimism reflected in the Index stands further validated with India emerging as the fastest growing economy in the world according to the Central Statistics Organization (CSO) and International Monetary Fund (IMF).

Recent initiatives by the Indian government such as Make in India and Digital India are driving investments across sectors and propelling confidence in the business landscape of the country.

Across Asia Pacific, consumer confidence continues to hold steady, showing stability (within +/- 5 points from the last survey) in nine out of 17 markets. With an increase of 1.2 points in the overall score from H1 2016 to 60.9 points in H2 2016, Asia Pacific sits just above the 60 point optimistic mark. Bangladesh (82.8, +11.2), Hong Kong (42.2, +10.1) and Thailand (68.3, +10.1) saw more than 10 point improvements while Taiwan (34.2, -11.1) and Malaysia (31.2, -10.2) saw more than 10 point decreases. In addition to India, Myanmar (92.8), Vietnam (92.3) and Philippines (91.6) also remain extremely optimistic in their outlook.

Mastercard Index of Consumer Confidence Data – H2 2016

H2 2016 Current Status Change from last half (H1 2016)
Asia Pacific 60.9 Optimistic 1.2 Stable +
Australia 46.5 Neutral – 4.2 Stable +
China 80.8 Very Optimistic 4.8 Stable +
Hong Kong 42.2 Neutral – 10.1 Significant Improvement
India 95.3 Extremely Optimistic -2.4 Stable –
Indonesia 70.8 Optimistic 9.0 Some Improvement
Japan 43.0 Neutral – 5.0 Stable +
Korea 31.2 Pessimistic -3.0 Stable –
Malaysia 31.2 Pessimistic -10.2 Significant Deterioration
New Zealand 62.2 Optimistic 6.8 Some Improvement
Philippines 91.6 Extremely Optimistic -3.6 Stable –
Singapore 30.0 Pessimistic -3.6 Stable –
Taiwan 34.2 Pessimistic -11.1 Significant Deterioration
Thailand 68.3 Optimistic 10.1 Significant Improvement
Vietnam 92.3 Extremely Optimistic -2.5 Stable –
Myanmar 92.8 Extremely Optimistic -7.0 Some Deterioration
Bangladesh 82.8 Very Optimistic 11.2 Significant Improvement
Sri Lanka 40.1 Neutral – 2.1 Stable +


Index Score Current Status Change in Index Points from last half
Lower Range Upper Range Qualitative  Statement Lower Range Upper Range Qualitative  Statement
0 10 Extremely Pessimistic -100 -20 Extreme Deterioration
10 25 Very Pessimistic -20 -10 Significant Deterioration
25 40 Pessimistic -10 -5 Some Deterioration
40 50 Neutral – -5 0 Stable –
50 60 Neutral + 0 5 Stable +
60 75 Optimistic 5 10 Some Improvement
75 90 Very Optimistic 10 20 Significant Improvement
90 100 Extremely Optimistic 20 100 Extreme Improvement


Respondents across 17 markets were asked five questions pertaining to their six-month outlook on the economy, their employment prospects, the local stock market, their regular income prospects, and their quality of life. The results of their responses were converted in five component indexes which were subsequently averaged to form the Mastercard Index of Consumer Confidence (MICC) score. The MICC Index score and the 5 component index scores range from 0 – 100 where 0 represents maximum pessimism, 100 represents maximum optimism and 50 represents neutrality.

About the Mastercard Index™ of Consumer Confidence

The Mastercard Index™ of Consumer Confidence survey has a 20-year track record of consumer confidence indices collected from over 200,000 interviews, unequalled both in scope and history across Asia Pacific.

It is the most comprehensive and longest running survey of its kind in the region.  In June 1997, the Index revealed a decline in consumer confidence – one month prior to the devaluation of the Thai baht that triggered the regional economic crisis. In June 2003, the Index score for Employment in Hong Kong dropped to a low score of 20.0. This was subsequently reflected in Hong Kong’s unemployment rate, which peaked just before September 2003 at eight percent.

The survey began in the first half of 1993 and has been conducted twice yearly since. Seventeen Asia Pacific markets now participate in the survey: Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam.

Mastercard and its Suite of Research Properties

The Mastercard Index suite in Asia Pacific includes the long-running Mastercard Index of Consumer Confidence, as well as the Mastercard Index of Women’s Advancement, Mastercard Index of Financial Literacy, and the Mastercard Index of Global Destination Cities. In addition to the indices, Mastercard’s research properties also include a range of consumer surveys including  Online Shopping, Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).

About Mastercard
Mastercard (NYSE: MA),, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

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