Brazil has just overtaken China in terms of consumer sentiment, as the world's second-largest economy slows down and spending intention on big ticket items decline, according to a Credit Suisse survey released Monday.

Speaking to CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Monday, Eugene Klerk, the bank's managing director of global thematic research said China showed weaker readings in spending intentions compared to Brazil and India.

The Credit Suisse Emerging Consumer survey, released Monday at the conference, found that China now sits at third place in terms of overall consumer sentiment, with India and Brazil at first and second place respectively.

"If we look at the data this year, we find consumers particularly optimistic in India and we also find consumers in Brazil becoming a lot more optimistic," Klerk said. "We see a different picture is in China."

The survey interviewed consumers face-to-face across eight emerging economies: namely China, India, Brazil, Indonesia, Mexico, Thailand, Russia and Turkey.