Consumer Confidence weakens for urban Indians in November: Refinitiv-Ipsos monthly India PCSI

Consumer Confidence weakens for urban Indians in November: Refinitiv-Ipsos monthly India PCSI; Sentiment down for investments for the future, personal finances and economy; minor uptick in sentiment seen for jobs

Consumer confidence down

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  • Madhurima Bhatia Media Relations and Content lead
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Consumer Confidence of urban Indians has weakened and dropped by 1.7 percentage points in November 2022, according to the Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) monthly India report. Bust after the Diwali boom?

 

The monthly PCSI which is measured by four weighted sub-indices, shows, the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has dropped by 3.3 percentage points, the Investment Climate (“Investment”) Sub-Index is down by 2.9 percentage points, the PCSI Employment Confidence (“Jobs”) Sub-Index has inched up 0.2 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub Index, is down  0.8  percentage points.

 

Commenting on the findings of the survey, Amit Adarkar, CEO, Ipsos India blamed the overall negative sentiment to the rising cost of living and to some extent on the post Diwali gloom: “Consumer sentiment has dipped in November 2022 due to the rising inflation and cost of living, which has greatly impacted the sentiment around savings and investments for the future and the day-to-day cost of running households is also seen to be under strain, for most urban Indian consumers. Further, the War in Ukraine is affecting economies and leading to a slowdown and inflation in most markets and India too is feeling the impact. In fact, In November we see consumer sentiment even dipping for confidence around the economy. This year was also the first physical Diwali after two years of the pandemic, so consumers would have gone overboard with their spending, like revenge shopping etc., leading to a post festival gloom, especially around finances.”         

 

 

      

            

The author(s)

  • Madhurima Bhatia Media Relations and Content lead

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