Italian managers express growing interest in markets such as Turkey and Brazil, despite some concerns about headline GDP growth rates in the bigger markets such as China and India.
Stefano Natella, global co-head securities and analytics research at Credit Suisse, says the report provides a detailed analysis of consumer sentiment in the developing world and an understanding of its underling drivers.
"It is a reflection of the differing demographics, income, and urban/rural characteristics of emerging consumers. These are vital considerations when it comes to determining spending preferences and the brand positioning of companies," Natella adds.
In the report, Credit Suisse identified a few key trends.
Confidence among emerging consumers has strengthened over the course of 2012. Optimism is highest in Brazil, China, Indonesia and Saudi Arabia, and lowest in South Africa, Russia and Turkey.
Moreover, the distribution of income has become the key determinant of optimism this year. Accordingly, the countries with the highest income growth expectations show the greatest optimism.
Equally notable is the fact that the highest income earners are the most optimistic in every country and in a number of instances these consumers are clustered in the younger age brackets of the working population. Understanding what these younger, affluent and typically more educated consumers want is a key investment theme.
Relative momentum is the strongest in technology and property ownership, the report found.
Healthier balance sheets
Given the healthier household balance sheets and lower levels of private sector indebtedness relative to GDP across emerging markets, it would be plausible that low nominal rates would feed through to higher rates of credit extension. However, this is typically not the case.
"Even in Brazil, where nominal rates have dropped 3.5% since mid-2010, the proportion of spending on credit cards has hardly moved from the 19.2% recorded in 2010," the Credit Suisse report noted.
Brazil is indeed one of the country highlights in the report.
"The Brazilian consumer has been and remains the most optimistic across our survey," the report said.
"High-income and low-income consumers alike display confidence in the future in a way that, for example, the other major BRIC nations fail to do. This might be surprising given the slower growth performance in Brazil in 2012.
"However, it has been less a feature of the personal sector, where the labour market has remained healthy and fiscal initiatives have been targeted to support consumption, and monetary policy to stimulate credit growth."
Although the focus on saving among Brazilian consumers has increased compared to previous years, it is still well below average and strikingly so when contrasted with larger economies such as China and India.
"This is equally mirrored in their appetite for credit, where the use of credit in property and car purchases can be shown to be the highest," the report added.
"Some 13% of respondents indicated their property had been an ‘all credit' purchase and 28% expected it to be the means of financing the next; by far the highest of the larger countries. Car purchases show a similar pattern."
Despite investments undertaken by Azimut in the country, Credit Suisse placed Turkey at the lower end of the spectrum in the overall level of optimism, even though the country's situation has improved since last year.
"The level of optimism among high-income earners is consistent with that of Saudi Arabia and hence there is a potential source for growth there," the Credit Suisse report said.
"Spending patterns now look closer to those of a middle-income country, with expenditure on housing and food falling, and that on automobiles and education rising. A trend of lower inflation and higher growth will support a more discretionary spend."
Spend on smartphones, computers, internet access, cars and holidays have seen some of the strongest gains and the modest level of internet penetration suggests further scope for growth.
Interestingly, recent taxes on alcohol and spirits have not impacted the spending habits of the Turkish consumer and growth has continued. In terms of savings, one feature that remains striking is the "relative under-penetration of banking services", the report found.