Consumer confidence improves in March among urban Indians: Survey

India tops consumer confidence index tally of 29 countries.

March saw a continued uptick in consumer sentiment, surging 2.8 percentage points for urban Indians, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI). Among the 29 countries surveyed, India continued to top the list with the highest National Index score of 72.2. Indonesia at 63.4 is the only other country with a National Index score of 60 or higher.

Only nine countries have a National Index score of more than 50. These include Mexico at 58.6, Brazil at 56.8, Thailand at 55.5, the Netherlands at 55.1, Singapore at 53.3, the US at 53.1, Sweden at 50.9, Poland at 50.8, and Australia at 50.8.

The PCSI is arrived at by taking into account the aggregation of the four weighted sub-indices and the survey shows the sentiment in India has boosted across all the four sub-indices. These are the PCSI Employment Confidence (job) Sub-Index, reflecting perceptions about job security and the jobs market, which is up 4.2 percentage points; the PCSI Current Personal Financial Conditions (current conditions) Sub-Index reflecting consumer perceptions of the economic climate and their current purchasing power and investment confidence, which is up 2.4 percentage points; the PCSI Investment Climate (investment) Sub-Index, which indicates consumer perception of the investment climate, which has moved up 1.8 percentage points; and the PCSI Economic Expectations (expectations) Sub-Index, reflecting the consumer perception of the economic climate, which has seen an uptick of 2.3 percentage points.

“Consumer sentiment has further bolstered in March 2024 for urban Indians and now India has the highest National Index score of 72.2 across the 29 markets covered in the survey, which indicates consumers have confidence in the economy, jobs, personal finances and investments, now and for the future. The consumer has funds for day to day running of households, and for discretionary spends. There are new jobs being added and our economy has withstood global headwinds. A positive consumer sentiment bodes well for consumption and spends,” Amit Adarkar, CEO of Ipsos India, said.

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Ipsos tracks the attitude of consumers across 29 countries every month on the current and future state of their local economy, their personal financial condition, the employment climate, and their purchasing and investing confidence.

According to a press release, the results of this survey are based on interviews with over 21,200 adults aged over 18 in India, 18-74 in Canada, Israel, Malaysia, South Africa, Türkiye, and the US, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries. The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.