Consumer confidence of urban Indians recovers and strengthens in October 2022: Refinitiv-Ipsos India PCSI October 2022

Consumer Confidence of urban Indians has inched up by 1.5 percentage points in October 2022, over the previous month, according to the Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI). Good recovery of confidence around personal finances and investments for the future.

The monthly PCSI which is measured by four weighted sub-indices shows the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is considerably up by 2.7 percentage points, the Investment Climate (“Investment”) Sub-Index has moved up significantly by 3.2 percentage points, the PCSI Employment Confidence (“Jobs”) Sub-Index remained unchanged; and the PCSI Economic Expectations (“Expectations”) Sub Index, was up 0.9 percentage points.

Commenting on the findings of the Refinitiv-Ipsos PCSI study, which is an industry bell weather for effectively predicting consumer sentiment,  Amit Adarkar, CEO, Ipsos India said, “The Refinitiv-Ipsos PCSI most accurately predicts consumer sentiment and with India in the festive mood, it is good to see the consumer sentiment on the rebound. Notably, sentiment around investing for the future, savings and purchase of big tickets items has seen the maximum surge in October, of 3.2 percentage points. Likewise, confidence around personal finances has also seen an upturn of 2.7 percentage points. Consumers are gearing up for an exciting festival season and are likely to loosen their purse strings as financially they do not seem to be sombre. This reflects more an urban picture. Diwali is the time for consumers to spend, upgrade and wear new festive clothes and buy sweetmeat (mithai). 2022 being our first offline Diwali, after the pandemic, we could see revenge shopping and shoppers splurging.”