Sentiment down for the economy, personal finances, investments & jobs
Mumbai: India is placed 2nd on the national index score among the 29 markets polled in November 2024 despite the consumer sentiment tanking -5.3 percentage points in the post festival gloom.
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment 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. India had both online and offline pan India interviews. This survey was fielded between October 25 and November 8, 2024.
The LSEG-Ipsos PCSI maps consumer sentiment on 4 sub indices and all four have shown a decline in November. The PCSI Current Personal Financial Conditions sub index (Current Conditions) is down -7.7 percentage points; the PCSI Economic Expectations (“Expectations”) Sub-Index has receded -6.5 percentage points; the PCSI Investment Climate (“Investment”) sub-index is down -7.3 percentage points and the sentiment for the PCSI Employment Confidence (“Jobs”) sub-index, has dipped -2.2 pp.
“While India continues to figure among the most optimistic markets on national index score, consumer sentiment has shown a significant downward slide in November. Festivities and Diwali shopping have led to the post festival gloom as citizens tend to splurge during Diwali a lot – for clothes, sweets, eats and the purchase of big ticket items. Salaries got credited early as month end coincided with Diwali and extended celebrations with the family have made this long month seem a strain with post Diwali spending gloom and anxiety.
Most global economies are in the midst of a slowdown and India too is impacted a lot. With the year end approaching, recruitment and jobs have kind of receded leading to enhanced anxiety,” observed Amit Adarkar, CEO Ipsos.
Consumer sentiment in 29 countries
Among the 29 countries, Indonesia (64.3) now holds the highest National Index score. Indonesia and India (61.0) are the only countries with a National Index score of 60 or higher.
Eight other countries now show a National Index above the 50-point mark: Mexico (59.5), Malaysia (56.9), Singapore (56.7), the U.S. (55.7), Thailand (54.8), Sweden (53.6), the Netherlands (52.7), and Brazil (51.9).
In contrast, just three countries show a National Index below the 40-point mark: Japan (37.8), Hungary (33.9), and Türkiye (29.8).