Consumer sentiment has weakened for urban Indians by 1.0 percentage points in November 2023, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for India.
The result is an aggregation of the four weighted sub-Indices:
● Economic Expectations: Down 2.9 percentage points
● Employment Confidence: Down 0.1 percentage points
● Current Personal Financial Conditions; Down 0.3 percentage points
● Investment Climate: Down 1.0 percentage points
Amit Adarkar, CEO, Ipsos India, said, “Consumer sentiment has weakened over the previous month largely around the economy. The global sentiment is depressed because of the global economic slowdown and war in Ukraine and Israel. Though India has been showing a lot of resilience, it is not insulated from global macro conditions. Another reason could be the post festival gloom, as sentiment is down for personal finances and investments for savings and purchase of big-ticket items. Also being the fag end of the year, hiring and jobs are lowkey as establishments are focusing on wrapping up the financial year. Though inflation is under control for now, the central bank has flagged off fast rise in retail credit as a risk that could have future inflationary impact.”
Consumer Sentiment in 29 Countries
India is second highest on the National Index.
Among the 29 countries, Indonesia (63.2) holds the highest National Index score this month. India (63.1), which held the highest score last month, and Mexico (60.8) are the only other countries with a National Index score of 60 or higher. For Mexico, consumer sentiment is at its highest point since tracking started in 2010.
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between October 20 and November 3, 2023.
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 Refinitiv as the Primary Consumer Sentiment Index (PCSI).
The results are based on interviews with over 21,200 adults aged 18 and above in India (1800 offline sample, 400 online) access 16 cities from NCCS A, B & C.
The sample covers those aged 18-74 in Canada, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.
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