Consumer Confidence for urban Indians has shown a marginal recovery with a slight uptick of 0.8 percentage points in July 2023, according to the Refinitiv-Ipsos India Primary Consumer Sentiment (Consumer Confidence) Index (PCSI).
The monthly PCSI result is the aggregate of four weighted, sub-indices. The PCSI Employment Confidence (Jobs) sub-index was up 0.1 percentage points; the PCSI Economic Expectations (Expectations) sub-index fell 2.4 percentage points; the PCSI Investment Climate (Investment) sub-index was up 1.7 percentage points; and the PCSI Current Personal Financial Conditions (Current Conditions) sub-index increased by 2.0 percentage points over last month.
Summarising the findings, Amit Adarkar, CEO, Ipsos India, said, “Consumer sentiment has bounced back after last month’s drop, and we see recovery around personal finances and investments, which means consumers are flush with funds for not only running their household expenses but also have funds for investments in big ticket purchases and savings. This buoyancy should make marketers happy. We also see some recovery around jobs. Though consumers are slightly apprehensive about the economy, which is quite understandable, as the global macro forces have left deep seated impacts, whether it is the long-drawn pandemic, war in Ukraine and economic slowdown and India is not insulated to stave off the impact completely with repercussions like inflation and job cuts.”
Since March 2023, Ipsos India has moved the survey from covering only netizens to include an expanded offline sample, using the Ipsos IndiaBus sample of 1800 people offline and 400 online across 16 cities. The sample is from NCCS A, B & C, to be more representative of the urban population.
India improved its ranking and moved to the 4th spot in the 29-country monthly survey, from the 5th spot the previous month.