Consumer Sentiment Among Urban Indians Continues to Rise In March, Setting Global Benchmark: Survey

Consumer confidence: This index, which tracks consumer sentiment across 29 countries, reaffirms India's leading position, boasting the highest National Index score of 72.2

Urban India saw a significant surge in consumer sentiment in March, marking a rise of 2.8 percentage points, as reported by the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI). This index, which tracks consumer sentiment across 29 countries, reaffirms India's leading position, boasting the highest National Index score of 72.2. Indonesia follows closely with a score of 63.4, making it the only other nation with a score above 60.

Among the surveyed countries, a mere nine have attained a National Index score exceeding 50. These countries include Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the US (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8).

The PCSI, derived from the aggregation of four weighted sub-indices, demonstrates an across-the-board improvement in consumer sentiment in India. Notably, the PCSI Employment Confidence Sub-Index, indicating perceptions about job security and the job market, climbed by 4.2 percentage points.

Additionally, the PCSI Current Personal Financial Conditions Sub-Index, reflecting consumer perceptions of the economic climate and purchasing power, surged by 2.4 percentage points. The PCSI Investment Climate Sub-Index, gauging consumer perception of the investment climate, rose by 1.8 percentage points, while the PCSI Economic Expectations Sub-Index, reflecting consumer perception of the economic climate, witnessed an uptick of 2.3 percentage points.

Amit Adarkar, CEO of Ipsos India, said, "Consumer sentiment has further bolstered in March 2024 for urban Indians and now India has the highest National Index score of 72.2 across the 29 markets covered in the survey, which indicates consumers have confidence in the economy, jobs, personal finances, and investments, now and for the future."

Ipsos conducts monthly tracking of consumer attitudes across 29 nations, focusing on the current and future state of the local economy, personal financial condition, employment climate, and purchasing and investing confidence.

The survey, based on interviews with over 21,200 adults, provides insights into various age demographics across different countries. In India, about 2,200 individuals were surveyed, with 1,800 interviewed face-to-face and 400 online, covering a wide spectrum of the population.