India Tops Global Consumer Confidence Rankings in May: LSEG-Ipsos PCSI
India’s consumer confidence strengthened in May 2026, rising by a modest 0.4 percentage points over the previous month and keeping the country ahead of all 30 markets tracked in the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI).
The monthly survey by Ipsos spans 30 countries and tracks consumer outlook across four key pillars: personal finances, economic expectations, jobs and investment sentiment. It is widely regarded as a bellwether of consumption trends and broader macroeconomic confidence.
India led the rankings with a National Index score of 66.6, the highest among all surveyed markets and the only country to cross the 60-point mark this month. Other countries above the 50-point threshold included Malaysia and Indonesia at 56.7 each, Sweden at 55.4, Brazil at 52.3 and Mexico at 51.0. At the lower end, France stood at 39.3, Japan at 37.8 and Türkiye at 35.6. Reflecting the markets with the strongest and weakest consumer confidence levels.
Globally, the index represents the average of all national scores and is based on responses from over 21,000 adults under the age of 75. The survey was conducted between April 24 and May 8, 2026, on Ipsos’ Global Advisor online platform.
"Consumer sentiment shows resilience and optimism in May as the government has been taking cautious steps to insulate citizens from factors such as rising crude prices, the evolving situation around the Strait of Hormuz and the West Asia conflict, and a depreciating rupee. As the fieldwork was conducted between April 24 and May 8, prior to the government’s announcement on fuel price increases, subsequent hikes in petrol and diesel prices are expected to strain household budgets and add to inflationary pressures," said Suresh Ramalingam, CEO, Ipsos India.
Due to change in sample configuration for India, April survey could not be compared to the March wave for India. From a mixed sample it changed to online in April 2026.
Sentiment mixed as stronger finances and investments offset job worries
India’s modest uptick in overall consumer sentiment in May reflects diverging trends across key indicators, with improving confidence in personal finances, investments and the broader economy offset by rising concerns around jobs.
The Current Personal Financial Conditions sub-index rose by 1.2 percentage points during the month, while the Investment sub-index recorded a stronger increase of 1.7 percentage points. The Economic Expectations sub-index remained largely stable, inching up by 0.1 percentage points. In contrast, the Employment sub-index declined by 1.5 percentage points, indicating growing caution around job security.
"The India sample size of 1,000 respondents is in line with other markets and is now entirely based on online interviews, which largely reflects an urban perspective. Earlier, we covered 2,200 respondents, including 1,800 face-to-face interviews across 18 cities, along with 400 online," said Suresh Ramalingam, CEO, Ipsos India.
"Stress around jobs is increasing among Indians due to AI-led disruption and cost-cutting by companies in the aftermath of the West Asia conflict, which is weighing on employment sentiment. However, consumers continue to remain positive about their personal finances, investment outlook and India’s economic prospects," he added.
