Consumer confidence highest in India among 29 countries in May, monthly survey shows

According to the survey, India’s national index score for consumer sentiment stood at 67.8 percentage point, highest among 29 countries, which included the United States, Canada, the United Kingdom, and Japan.

India is followed by Indonesia (63.2), and Mexico (61.0), the only countries with a National Index score of 60 or higher.

The survey showed that only nine other countries stand in the list of National Index above the 50-point mark: Singapore (58.0), Thailand (55.8), the U.S. (54.3), Sweden (54.1), United Kingdom (52.8), the Netherlands (51.9), Brazil (51.7), Poland (50.3), and Australia (50.3).

As per the survey, in May 2024, India recorded an improvement in the overall sentiment, with the upside of 0.8 percentage points.

Consumer sentiment is measured across 4 sub-indices with the sentiment showed a mix bag of performance for the period under review. The PCSI Employment Confidence (“Jobs”) Sub- Index moved up 1.9 percentage points and PCSI Economic Expectations (“Expectations”) Sub-Index was up 1.7 percentage points. The PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index, however, was down 0.6 percentage points with the PCSI Investment Climate (“Investment”) Sub-Index too down 0.1 percentage points.

Source: LSEG-Ipsos report

“India is the most buoyant market across all markets covered in the survey with a National Index score of 67.8 percentage points and we also see an upturn in consumer sentiment in May which augurs well for growth and attracting more FDI – as we see the sentiment for the economy and jobs is seeing a major boost. The Indian economy and been showing a lot of resilience and is largely defined by domestic consumption and though it has been on the radar of global companies for pumping in most investments, as India is a highly growth oriented Market,” said Amit Adarkar, CEO, Ipsos India.

“Also with the new financial kicking in, hiring is back on grid and the job market is looking up. Though the sentiment around personal finances and for investments and savings continues to be somewhat depressed, which could impact consumption around discretionary spends and put a strain on daily spends of households,” he added.

The survey is conducted by Ipsos on its Global Advisor online survey platform and IndiaBus platform specifically for India. The survey is first reported each month by LSEG as the Primary Consumer Sentiment Index (PCSI).

The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face with remaining being in virtual mode. The report claims the data from every country is weighted so that the composition of the sample reflects the demographic profile of the adult population as per the most recent census data.

“The global indices and averages reported here reflect the average result for all the countries and markets in which the survey was conducted. They have not been adjusted to the population size of each country or market and are not intended to suggest ‘total’ results.”

Curated For You

Shashi Tharoor invited to Putin dinner at Rashtrapati Bhavan, Rahul Gandhi and Kharge not

IndiGo Flights Cancellation LIVE Updates: Delhi airport says flight ops on way to normal as airline expects fewer than 1,000 cancellations today

Aryan Khan shows the middle finger from Bengaluru balcony, lands in controversy; fans more concerned with his ‘rare’ smile