Consumer sentiment dips in June, yet India holds onto highest national index score: LSEG-Ipsos PCSI June 2024
Consumer sentiment has weakened and dipped -2.6 percentage points in June 2024, though notably India continues to lead with the highest national index score across all 29 markets polled, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) June 2024 wave.
The LSEG-Ipsos survey also maps consumer sentiment across 4 sub-indices and all of them have seen a drop this month: the PCSI Employment Confidence (“Jobs”) Sub- Index, is down -4.6 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is down -0.7 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index too is down -0.6 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index is down -6.4 percentage points.
Elaborating on the findings of the survey, Amit Adarkar, CEO, Ipsos India said, “Confidence around personal and household expenses is still stable and same goes for investments in savings and big-ticket purchases. It is the confidence around the economy and jobs that has seen a significant drop. Some of the impact is due to macro conditions, with the global economic slowdown and job cuts and further, with the new government in the saddle and the union budget yet to be announced, the overall approach is cautionary and tardy. It has also been a hot summer with the farm sector impacted due to drought in some. Monsoons could bring back some cheer and a growth-oriented budget announcement in July 2024.”
"Even The Reserve Bank of India (RBI) warned mid June that the exceptionally hot summer and low reservoir levels could stress the summer crops of vegetables and fruits, potentially disrupting efforts to control inflation. And while overall inflation has eased, food prices remain volatile and elevated, complicating the inflation battle," added Adarkar.
How global markets stack up
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between May 24 and June 7, 2024.
Consumer sentiment in 29 countries
Among the 29 countries, India (65.2) continues to hold the highest National Index score. India and Indonesia (63.2) are the only countries with a National Index score of 60 or higher.
Ten other countries now show a National Index above the 50-point mark: Singapore (58.1), Mexico (57.2), the Netherlands (55.2), Thailand (55.2), Sweden (54.7), Great Britain (53.9), the U.S. (53.8), Malaysia (52.9), Brazil (52.3), and Australia (50.5).
In contrast, just five countries show a National Index below the 40-point mark: South Korea (39.5), Japan (37.7), Hungary (37.0), Peru (36.7), and Türkiye (29.1).
About the Study
These findings are based on data from a monthly 29-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by LSEG as the Primary Consumer Sentiment Index (PCSI).
The results are based on interviews with over 21,200 adults aged 18+ in India, 18-74 in Canada, Israel, Malaysia, South Africa, Türkiye, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.
The monthly sample consists of 1,000+ individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, Italy, Japan, Spain, and the U.S., and 500+ individuals in each of Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Israel, Malaysia, Mexico, the Netherlands, Peru, Poland, Singapore, South Africa, South Korea, Sweden, Thailand, and Türkiye. The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.
Samples in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, the Netherlands, Poland, South Korea, Spain, Sweden, and the U.S. can be considered representative of their general adult populations under the age of 75. Samples in Brazil, Chile, Colombia, Indonesia, Israel, Malaysia, Mexico, Peru, Singapore, South Africa, Thailand, and Türkiye are more urban, more educated, and/or more affluent than the general population. The survey results for these countries should be viewed as reflecting the views of the more “connected” segment of their populations. India’s sample represents a large subset of its urban population — social economic classes A/B/C in metros and tier 1-3 town classes across all four zones.
The data is weighted so that the composition of the sample in each country best reflects the demographic profile of the adult population according to the most recent census data.
The global indices and averages reported here reflect the average result for all the countries and markets in which the survey was conducted. They have not been adjusted to the population size of each country or market and are not intended to suggest “total” results.
Sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. The precision of Ipsos online surveys is calculated using a Bayesian credibility interval with a survey of N=1,000 being accurate to +/- 3.5 percentage points and a survey of N=500 being accurate to +/- 5.0 percentage points. For more information on credibility intervals, visit this page.
The LSEG/Ipsos Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly survey of consumer attitudes on the current and future state of their local economy, personal financial situation, savings, and confidence to make major investments. The PCSI metrics reported each month for each of the countries surveyed consist of a “Primary Index” based on all 10 questions below and of several “sub-indices” each based on a subset of these 10 questions.
The publication of these findings abides by local rules and regulations.
