Consumer Confidence recovers by 0.4 percentage points in June 2020 after record fall in April/ May: Refinitiv-Ipsos monthly India Primary Consumer Sentiment Index

Consumer sentiment marginally recovers for economy, personal finances and investment; continues to be downbeat for jobs

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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 India has shown a minor recovery of 0.4 percentage points, in June 2020. The recovery has come after two months of steep falls in April and May rounds of PCSI. 
Easing of restrictions and some bit of normalcy returning with commercial activities, have halted the free fall of the consumer sentiment to some extent,” said Amit Adarkar, CEO, Ipsos India. 

The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, has seen a minor upturn in June 2020, after much pessimism in May and April. The PCSI Employment Confidence (“Jobs”) Sub-Index continues to be in the doldrums and has fallen by 3.4 percentage points, the PCSI Economic Expectations (“Expectations”) Sub Index, has surged by 3.2 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index  has moved up by 2.1  percentage points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index too is up by 1.2 percentage points, over the previous month. 

It is early to read any sustainable positivity; though, cash crunch has eased to some extent, with commercial establishments opening up and some bit of normalcy returning to everyday life. Though, early days. Notably, the job market continues to be dismal. For sustaining positive sentiment, it is critical for people to have confidence in their job security,” added Adarkar. 

India PCSI 2014-2020 Trend


 These are findings of an Ipsos online poll conducted May 22, 2020 – June 5, 2020.  For this survey, a sample of 500 adults from Ipsos' India online panel  aged 16-64 was 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 in is particularly valuable in their own right as they are more urban, educated and have more income than their 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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