India ranks No 2 in consumer confidence for September ’24: Study

Singapore tops the list of countries with the highest national index score (62.5) followed by India (62) for September 2024, according to the latest LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) report. Indonesia (61.5) is the only country other than these two that has achieved a national index score of 60 or higher for September 2024, the study finds.

 

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 reported each month by LSEG as the PCSI.

 

 

11 other countries obtained a National Index score of 50 and above. These include the Netherlands (57.4), Mexico (55.9), the USA (55.0), Great Britain (54.1), Sweden (54.0), Germany (53.7), Thailand (52.1), Brazil (51.3), Malaysia (51.2), South Africa (50.5), and Australia (50.2).

 

In contrast, just four countries show a National Index below the 40-point mark: South Korea (39.7), Japan (39.4), Hungary (36.4), and Türkiye (30.8).

 

“Notably, India has stayed among the top three markets with high national index scores and stayed resilient despite several global crises popping up one after the other. Being a growth-oriented emerging market with an economy that rests greatly on domestic consumption, we have managed to offset the extreme impact. Though global economic slowdown has further weakened the rupee against the dollar,” said Amit Adarkar, CEO, Ipsos India.

 

The sentiment in India

 

Consumer sentiment among urban Indians has improved and shown recovery in September 2024 with a minor uptick of +0.4 percent, according to the LSEG-Ipsos PCSI India report. It maps consumer sentiment on four sub-indices. These include the PCSI Employment Confidence sub-index (Jobs), the PCSI current personal financial conditions (Current Conditions), the PCSI Investment Climate (Investment), and the PCSI Economic Expectations (Expectations).

 

India has shown improvement in scores for all the four sub-indices. Jobs have reported a growth of +1.1%, Current Conditions is up by +0.3%, Investment by +0.1%, and Expectations by +0.5%. According to Adarkar, Ipsos India has high hopes about India’s H2-2024 performance, after a tough H1.

“Consumer sentiment has shown recovery after being downbeat last month. Apart from the overall upswing in consumer confidence this month, the sentiment has shown recovery for daily household spends, savings, economic growth, and jobs,” he said.

 

H1, he observed, saw major corporate cutbacks due to tough macroeconomic conditions, a global economic slowdown, global inflationary conditions, and job cuts. However, with a good monsoon this year and the ongoing festival season, which will reach its pinnacle during Navratri and Diwali, consumer sentiment in India is expected to improve further in October 2024.

 

“Sentiment around jobs improved last month and consumers are bullish about the job market and hiring this month too. India is also recovering from the havoc unleashed by extreme weather conditions, in terms of flooding and landslides through July and August,” he said.

 

The LSEG/Ipsos PCSI is a monthly survey that tracks consumer attitudes on local economies, personal finance, savings, and investment confidence since 2010. The survey comprises interviews with over 21,200 adults across 28 countries. Monthly samples include 1,000+ individuals in 10 major markets and 500+ in 18 others. India’s sample covers 2,200 individuals, with 1,800 face-to-face and 400 online interviews.