Consumers feeling the pinch already with financial stress.
Mumbai: Consumer sentiment has weakend in April to 57.8 percentage points (pp) from 60.2 pp in March 2025, a -2.4 pp dip, amid Trump’s tough trade laws, feared job cuts, inflation and financial crunch, according to the new report of the LSEG-Ipsos Primary Consumer Sentiment Index 2025, India report for April 2025.
Consumers are grappling with a tough macro environment and we are seeing its impact across the 4 sub indices. The PCSI Economic Expectations (“Expectations”) Sub-Index has shown a minor dip of -0.5 percentage points, likewise, the PCSI Employment Confidence (“Jobs”) sub-indexdecreased -3.9 percentage points. The Current Personal Financial Conditions sub index (Current Conditions) is down -5.1 percentage points, and the PCSI Investment Climate (“Investment”) sub-index has shown a downward slide of -3.8 percentage points.
Amit Adarkar, CEO, Ipsos India is baffled with how the consumer sentiment has shown a complete volteface from last month: “We live in extremely uncertain times and global decisions are wreaking havoc within local economies. US President, Mr. Donald Trump’s tough trade laws and upward revision of tariffs have thrown the stock market into a tizzy. And while he has paused it for 3 months, the jolt has been predominantly felt around cost of essential commodities, fear of job cuts, financial stress and the impending impact. We anticipate tougher days ahead, unless there is some consensus reached.”
Among 29 economies measured, five countries show significant gains in consumer sentiment, while seven countries show a notable decline. All four sub-indices are down significantly this month.
Among 29 economies measured, five countries show significant gains in consumer sentiment, while seven countries show a notable decline. All four sub-indices are down significantly this month.
Based only on the “legacy 20 countries” tracked since March 2010, the Index would read at 45.4, down 0.8 point since March.
Sentiment is mixed in the Asia-Pacific. Australia (-3.1 points) shows the largest decline among all countries, and India (-2.4 points) is also down significantly. However, sentiment is up in Singapore (+2.6 points), Indonesia (+2.6 points), and Thailand (+2.2 points).
Consumer confidence is also mixed in Latin America. Peru (-2.4 points) and Argentina (-2.1 points) show significant declines this month. In contrast, Chile (+2.4 points) and Brazil (+2.2 points) are both up significantly.
Lastly, sentiment in the U.S. has trended downward in recent months. Since reaching its highest point in more than three years in December, U.S. consumer confidence has declined nearly five points.
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s instalment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between March 21 and April 4, 2025.
Consumer sentiment in 29 countries
Among the 29 countries, Indonesia (61.1) holds the highest National Index score. It is the only country with a National Index score of 60 or higher.
Nine other countries now show a National Index at or above the 50-point mark: Singapore (59.8), Malaysia (58.4), India (57.8), Mexico (56.9), Thailand (54.5), the U.S. (52.8), Sweden (52.5), the Netherlands (52.4), and Brazil (51.3).
In contrast, four countries show a National Index below the 40-point mark: South Korea (38.2), Japan (36.0), Hungary (34.7), and Türkiye (33.1).
Compared to 12 months ago, fourteen countries show a significant drop in consumer sentiment. In contrast, only Malaysia and Singapore show a significant increase from April 2024.
