Consumer confidence highest in India among 29 countries in May, monthly survey shows
India’s Consumer Sentiment Rises: LSEG-Ipsos PCSI Report
In May 2024, India experienced a notable boost in consumer sentiment, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI). Specifically, the index recorded an increase of 0.8 percentage points, thereby positioning India as the leader among the 29 countries surveyed.
Consumer Confidence Gains
The survey, conducted by the London Stock Exchange Group (LSEG) and Ipsos, reveals that India achieved the highest consumer confidence score at 67.8 points. This impressive score surpasses those of major economies such as the United States, Canada, the United Kingdom, and Japan. Consequently, India led the rankings, followed by Indonesia with a score of 63.2 and Mexico at 61.0. Notably, only nine other countries scored above the 50-point mark, including Singapore (58.0), Thailand (55.8), the U.S. (54.3), Sweden (54.1), the United Kingdom (52.8), the Netherlands (51.9), Brazil (51.7), Poland (50.3), and Australia (50.3).India Consumer Sentiment Rises LSEG-Ipsos PCSI
Performance Across Sub-Indices
The PCSI evaluates consumer sentiment through four sub-indices. In detail:
- Employment Confidence: The “Jobs” sub-index saw an improvement of 1.9 percentage points.
- Economic Expectations: The “Expectations” sub-index increased by 1.7 percentage points.
- Current Personal Financial Conditions: The “Current Conditions” sub-index experienced a decline of 0.6 percentage points.
- Investment Climate: The “Investment” sub-index also fell by 0.1 percentage points.
Implications for India’s Economy and Job Market
According to Amit Adarkar, CEO of Ipsos India, the remarkable National Index score of 67.8 points reflects strong market confidence. This uptick in consumer sentiment is promising for economic growth and has the potential to attract more foreign direct investment (FDI). Nevertheless, despite improvements in the job market and a rebound in hiring, concerns about personal finances and investment sentiment persist. This could, in turn, impact discretionary spending and strain household budgets.India Consumer Sentiment Rises LSEG-Ipsos PCSI
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Source: LSEG-Ipsos report
Ipsos conducted the survey using its Global Advisor online platform and the IndiaBus platform, involving approximately 2,200 participants in India. Of these, 1,800 were interviewed face-to-face, while the remaining participants were interviewed virtually. Importantly, the data was weighted to reflect the demographic profile of the adult population based on the latest census data.India Consumer Sentiment Rises LSEG-Ipsos PCSI
Furthermore, the global indices presented reflect average results from all surveyed countries and are not adjusted for population size.
