Consumer sentiment up in May 2024; India continues to lead 29 countries with highest national index score: LSEG-Ipsos Primary Consumer Sentiment Index
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 LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) for India in May 2024 shows improvement in the overall sentiment, with the upside of +0.8 percentage points. Also, the survey shows that India continues to hold onto the highest national index score (67.8 percentage points) across all the 29 countries covered in the monthly survey.
Consumer sentiment is measured across 4 sub-indices and the sentiment showed a mixed bag of performance in May 2024 - the PCSI Employment Confidence (“Jobs”) Sub- Index, was seen to move up 1.9 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index however was down 0.6 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index too was down 0.1 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index was up 1.7 percentage points.
"India is the most buoyant market across all markets covered in the survey with a National Index score of 67.8 percentage points and we also see an upturn in consumer sentiment in May which augurs well for growth and attracting more FDI – as we see the sentiment for the economy and jobs is seeing a major boost. The Indian economy and been showing a lot of resilience and is largely defined by domestic consumption and though it has been on the radar of global companies for pumping in most investments, as India is a highly growth-oriented market. Though with the General Elections in India some of the decisions maybe delayed, like in the case of Tesla, Elon Musk recently postponed his visit to India to the time once the Lok Sabha elections are done and dusted. Also, with the new financial year kicking in, hiring is back on grid and the job market is looking up. Though the sentiment around personal finances and for investments and savings continues to be somewhat depressed, which could impact consumption around discretionary spends and put a strain on daily spends of households," says Amit Adarkar, CEO, Ipsos India.
How does India stack up across 29 countries?
Among the 29 countries, India (67.8) continues to hold the highest National Index score. India, Indonesia (63.2), and Mexico (61.0) 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: Singapore (58.0), Thailand (55.8), the U.S. (54.3), Sweden (54.1), Great Britain (52.8), the Netherlands (51.9), Brazil (51.7), Poland (50.3), and Australia (50.3). In contrast, just four countries show a National Index below the 40-point mark: South Korea (39.7), Chile (39.6), Japan (37.9), and Türkiye (33.8). Compared to 12 months ago, seven countries show a significant drop in consumer sentiment. Twelve countries show significant increases, most of all in Argentina (+11.0), Poland (+9.4), and India (+9.1).
