Consumer Confidence declines in March 2020 by 1 percentage point, amid economic slowdown & corona scare: Refinitiv-Ipsos monthly Primary Consumer Sentiment Index

Confidence around jobs, up; confidence down for the economy, personal finances & personal investment

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  • Madhurima Bhatia Media Relations and Content lead
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The monthly  Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for March 2020, has shown a 1 per cent decline over February 2020, amid economic slowdown and corona scare. Ergo, three of the four indices have shown a downward slide – personal finances, personal investment and the confidence in the country’s economy. Only confidence around jobs, has slightly moved up.        The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, has diminished over the last round, in February 2020, by 1 percentage point. So, while the  PCSI Employment Confidence (“Jobs”) Sub-Index  has moved up by 1.2 percentage points, the PCSI Economic Expectations (“Expectations”) Sub Index, has dropped by 2.8 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index  has fallen by 1.4  percentage points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is down by 0.8 percentage points, over the previous month.

We see some bit of a pessimism among urban Indians. A multitude of factors are lowering the consumer sentiment – we are witnessing a global economic slowdown and India too has been impacted; corona virus is like a bolt from the blue and its real impact, while we’ll get to know by next month,  but it has already made some bit of a dent in slowing down businesses with its negative repercussions on global economies, including India,” says Amit Adarkar, CEO, Ipsos India. 

India PCSI 2014-2020 Trend

These are the findings of an Ipsos online poll conducted February 21, 2020–March 6, 2020.  For this survey, a sample of 500 adults from Ipsos' India online panel  aged 16-64 years were interviewed online. As this is an online poll in India, representative of the online community in the country, it is not reflective of the general population; however, the online sample is particularly valuable in its own right, being more urban, educated and with more income than its fellow citizens and often referred to as “Upper Deck Consumer Citizens” or Primary Consumers. The precision of the Refinitiv/ Ipsos online polls is measured using a Bayesian Credibility Interval. In his case, the poll has a credibility interval of plus or minus 5.0 percentage points for all adults. For more information on the Bayesian Credibility Interval please see

The Refinitiv/Ipsos India Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. The Index is composed of four sub-indices: Current Conditions Index; Expectations Index; Investment Index; and, Jobs Index.


About Refinitiv

Refinitiv is a global provider of financial markets data and infrastructure. The company was founded in 2018. It is jointly owned by Blackstone Group LP which has a 55% stake and Thomson Reuters which owns 45%. The company has an annual turnover of $6bn, with more than 40,000 client companies in 190 countries.

The author(s)

  • Madhurima Bhatia Media Relations and Content lead

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