India tops 29 markets with the highest National Index Score
Mumbai: Consumer sentiment of urban Indians has displayed a major resurgence of +4.3 percentage points in October amid festival cheer and above normal monsoons, according to the monthly LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) India Report. Last month consumer sentiment had shown a minor uptick of of +0.4 percentage points and prior to that in August was down -2.9 percentage points.
The LSEG-Ipsos PCSI maps consumer sentiment on 4 sub indices and interestingly, all four have shown improvement – the PCSI Current Personal Financial Conditions sub index (Current Conditions) is up +7.7 percentage points; the PCSI Economic Expectations (“Expectations”) Sub-Index is up +3.3 percentage points; the PCSI Investment Climate (“Investment”) sub-index is up +7.1 percentage points and sentiment for the PCSI Employment Confidence (“Jobs”) sub-index, has seen a minor surge of +0.3 percentage points.
Elucidating on the findings of the survey, Amit Adarkar, CEO, Ipsos India said, “Consumer sentiment has phenomenally improved for personal finances – for day-to-day household expenditure – and investments – making it conducive for customers to save and invest in big ticket purchases, in the festival season, particularly, when marketers are doling out promotional schemes and easy financing. Confidence around the economy is seeing a major rebound, riding on good monsoons and boosted by growth in infrastructure and domestic consumption. Even the IMF has pegged the economic growth of India at 7% for 2024. Confidence around jobs was up but somewhat sluggish as hiring is slow with companies focusing on closing a robust H2, after a tough H1, due to the elections, heat wave, heavy rains and its collateral impact. Automotive sector grew by a miniscule 0.5 per cent April to September. The festival season has seen a major upturn in consumption bringing much cheer to marketers.”
Consumer sentiment in 29 countries
Among the 29 countries, India (66.3) now holds the highest National Index score. India and Indonesia (62.1) are the only countries with a National Index score of 60 or higher.
Ten other countries now show a National Index above the 50-point mark: Singapore (58.3), Malaysia (58.2), Thailand (56.8), the U.S. (55.6), Sweden (55.4), Mexico (53.8), Brazil (53.4), the Netherlands (52.1), South Africa (51.4), and Great Britain (50.7).
In contrast, just three countries show a National Index below the 40-point mark: Japan (39.3), Hungary (35.3), and Türkiye (33.0).
Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. In contrast, thirteen countries show a significant increase from October 2023, most of all in Malaysia (+12.1).
About the Study
These findings are based on data from a monthly 29-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by LSEG as the Primary Consumer Sentiment Index (PCSI).
The results are based on interviews with over 21,200 adults aged 18+ in India, 18-74 in Canada, Israel, Malaysia, South Africa, Türkiye, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.
The monthly sample consists of 1,000+ individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, Italy, Japan, Spain, and the U.S., and 500+ individuals in each of Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Israel, Malaysia, Mexico, the Netherlands, Peru, Poland, Singapore, South Africa, South Korea, Sweden, Thailand, and Türkiye. The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.
Samples in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, the Netherlands, Poland, South Korea, Spain, Sweden, and the U.S. can be considered representative of their general adult populations under the age
of 75. Samples in Brazil, Chile, Colombia, Indonesia, Israel, Malaysia, Mexico, Peru, Singapore, South Africa, Thailand, and Türkiye are more urban, more educated, and/or more affluent than the general population. The survey results for these countries should be viewed as reflecting the views of the more “connected” segment of their populations. India’s sample represents a large subset of its urban population — social economic classes A/B/C in metros and tier 1-3 town classes across all four zones.
The data is weighted so that the composition of the sample in each country best reflects the demographic profile of the adult population according to 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.
Sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. The precision of Ipsos online surveys is calculated using a Bayesian credibility interval with a survey of N=1,000 being accurate to +/- 3.5 percentage points and a survey of N=500 being accurate to +/- 5.0 percentage points. For more information on credibility intervals, visit this page.
The LSEG/Ipsos Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly survey of consumer attitudes on the current and future state of their local economy, personal financial situation, savings, and confidence to make major investments. The PCSI metrics reported each month for each of the countries surveyed consist of a “Primary Index” based on all 10 questions below and of several “sub-indices” each based on a subset of these 10 questions.
