India’s Consumer Confidence Ranks 2nd in September 2024: Study
According to the latest LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) report, India has secured the second position in terms of consumer confidence for September 2024. Singapore takes the lead with a national index score of 62.5, closely followed by India with a score of 62. Indonesia is the only other country that has achieved a national index score of 60 or higher for the same period.
The data for this report is gathered from a monthly survey conducted by Ipsos across 29 countries. In India, the survey is conducted on the IndiaBus platform. The findings are reported each month by LSEG as the PCSI.
Apart from Singapore, India, and Indonesia, 11 other countries have obtained a National Index score of 50 and above. These countries include the Netherlands, Mexico, the USA, Great Britain, Sweden, Germany, Thailand, Brazil, Malaysia, South Africa, and Australia.
On the other hand, only four countries have a National Index below the 40-point mark: South Korea, Japan, Hungary, and Türkiye.
Amit Adarkar, CEO of Ipsos India, mentioned that India has consistently ranked among the top three markets with high national index scores despite facing various global crises. The country’s economy heavily relies on domestic consumption, which has helped offset the impact of these crises.
The consumer sentiment in India has shown signs of improvement and recovery in September 2024, with a minor uptick of +0.4 percent. The sentiment is measured across four sub-indices: Employment Confidence, Current Personal Financial Conditions, Investment Climate, and Economic Expectations.
India has seen improvements in all four sub-indices, with Jobs reporting a growth of +1.1%, Current Conditions up by +0.3%, Investment by +0.1%, and Expectations by +0.5%. Adarkar expressed optimism about India’s performance in the second half of 2024, following a challenging first half.
He noted that consumer sentiment has rebounded after a period of decline. With positive outlooks on daily household spending, savings, economic growth, and jobs, the sentiment is expected to further improve in October 2024, especially with the ongoing festival season.
Adarkar highlighted that the job market in India is showing signs of improvement, and consumers are optimistic about hiring opportunities. Despite challenges like extreme weather conditions earlier in the year, the country is on track for recovery.
The LSEG/Ipsos PCSI survey, conducted since 2010, tracks consumer attitudes on local economies, personal finance, savings, and investment confidence. The survey involves interviews with over 21,200 adults across 28 countries, with a sample size of 2,200 individuals in India. The monthly insights provide valuable information on consumer behavior and economic trends.