Consumer Confidence of Urban Indians shows uptick of 0.9 percentage points in February: Refinitiv-Ipsos monthly PCSI

Consumer Confidence of Urban Indians shows uptick of 0.9 percentage points in February, according to the Refinitiv-Ipsos monthly PCSI. Consumer sentiment up for jobs, personal finances, investment for future; down for economy

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  • Madhurima Bhatia Media Relations and Content lead
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Consumer Confidence among urban Indians has moved up slightly, by 0.9 percentage points in February 2021, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for India. The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices is a mixed bag: The PCSI Employment Confidence (“Jobs”) Sub-Index has moved up 1.5 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has increased by a robust 2.8 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index is up by 2.1 percentage points; the PCSI Economic Expectations (“Expectations”) Sub Index , is down by 1.3 percentage points.  

Amit Adarkar, CEO, Ipsos in India, said, “We see the consumer sentiment further improving in February, over January 2021 – with the virus under control till January and vaccination having begun in the same month, we see restrictions easing, new jobs being added, there is more freedom around personal finances for day-to-day running of households, investing or saving for future. And while our economy is in the recovery mode and despite many far-reaching announcements in the budget, consumer sentiment trend has moderated after a sharp upturn in January. Next 2-3 months will be critical to watch. Firstly, some of the budget measures may start reflecting on impact on the ground. Also, we will have more clarity on the effect of vaccination on virus spread which is showing some concerns after 3-4 months.”     

These are findings of an Ipsos online poll conducted January 22, 2021–February 5, 2021.  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.



The author(s)

  • Madhurima Bhatia Media Relations and Content lead

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