Consumer sentiment further improves and surges 2.8 percentage points for urban Indians in March 2024: LSEG-Ipsos PCSI

Consumer sentiment has further strengthened and surged 2.8 percentage points in March 2024 for urban Indians, according to the monthly the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI).  

Each month, Ipsos tracks attitudes of consumers in 29 markets on the current and future state of their local economy, their personal financial situation, the employment climate, and their purchasing and investing confidence. 

The PCSI is driven by the aggregation of the four weighted sub-Indices and the survey shows the sentiment has boosted across all the 4 sub-indices - the PCSI Employment Confidence (“Jobs”) Sub- Index, reflecting perceptions about jobs security and the jobs market is up 4.2 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence is up 2.4 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index indicative of consumers’ perception of the investment climate has moved up 1.8 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence consumer expectations about future economic conditions is up 2.3 percentage points. 

Summarizing on the findings of the survey, Amit Adarkar, CEO, Ipsos India said, “Consumer sentiment has further bolstered in March 2024 for urban Indians and now India has the highest National Index score of 72.2 across the 29 markets covered in the survey, which indicates consumers have confidence in the economy, jobs, personal finances and investments, now and for the future. Which means consumers feel secure and stable about the future; and for the past few months, with the consumer sentiment improving, the stability factor is getting reinforced, displaying progress and positivity for growth. The consumer has funds for day to day running of households, and for discretionary spends. There are new jobs being added and our economy has withstood global headwinds. A positive consumer sentiment bodes well for consumption and spends. The first quarter has been about happy tidings around consumer sentiment. The govt has also taken timely decisions to improve high cost of living, like in March fuel prices were cut across India. Stabilizing food prices. Giving boost to manufacturing to create more jobs and encouraging Make in India.”            

Consumer sentiment in 29 countries 

Among the 29 countries, India (72.2) continues to hold the highest National Index score. Indonesia (63.4), along with India, are the only countries with a National Index score of 60 or higher.

Nine other countries now show a National Index above the 50-point mark: Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the U.S. (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8). 

In contrast, Hungary (35.4) and Türkiye (33.8) are the only countries to show a National Index below the 40-point mark. Of note, for Italy (46.9), this month’s score is the country’s highest since October 2021. Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. Eighteen countries show significant increases, most of all in India (+15.0) and Poland (+12.6). 

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 sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.

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.

About LSEG

LSEG is one of the world’s leading providers of financial markets infrastructure and delivers financial data, analytics, news and index products to more than 40,000 customers in over 170 countries. We help organisations fund innovation, manage risk and create jobs by partnering with customers at every point in the trade lifecycle: from informing their pre-trade decisions and executing trades to raising capital, clearing and optimisation. Backed by more than three centuries of experience, innovative technologies and a team of 25,000 people in over 60 countries, we are driving financial stability, empowering economies and enabling you to grow sustainably.

About Ipsos

Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing over 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.

Our tagline "Game Changers" sums up our ambition to help our 5,000 customers move confidently through a rapidly changing world. Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.