New Delhi: India’s consumer sentiment climbed by +1.4 percentage points in October 2025, fueled by the festive season and government-led GST reforms aimed at easing the cost of living and boosting household savings.
According to the LSEG–Ipsos Primary Consumer Sentiment Index (PCSI), the combined effect of festive spending, tax relief, and economic resilience has driven optimism across all key sub-indices—jobs, personal finances, investments, and economic expectations. India’s National Index score reached 58.4, placing it second globally, just behind Indonesia (58.8).
Commenting on the findings, Suresh Ramalingam, CEO, Ipsos India, said, “From late September through October, India has been in a celebratory mood. The festive fervour, combined with the government’s recent GST reforms aimed at reducing the cost of living and enhancing household savings, appears to have provided a further boost to consumer sentiment. Despite challenging global macroeconomic conditions, Indian consumers have remained upbeat, fully immersed in festive shopping and celebrations.”
“Many companies distribute Diwali bonuses, and the accompanying holidays further creates an upbeat mood driving positive sentiment. This, in turn, is reflected in the uptick in consumer sentiment related to personal finances, investments, and savings,” noted Suresh Ramalingam, CEO, Ipsos India.
He added, “Hiring momentum remains strong across sectors such as e-commerce, logistics, retail, automotive, and EV infrastructure. Notably, Tier 2 cities are emerging as vibrant employment hubs, with a visible surge in hiring activity, as highlighted by recent industry reports.”
Regional Highlights
- India saw a rise of +1.4 points, ranking among the top five globally.
- Indonesia led the Asia-Pacific region with a +6.5-point increase, followed by Thailand (+3.6), South Korea (+2.6), and Malaysia (+2.1).
- Australia (-2.1) and Japan (-2.0) saw declines.
- In Latin America, sentiment rose in Brazil (+2.2) but declined in Argentina (-3.5) and Colombia (-3.1).
Globally, eleven countries scored above 50, indicating strong consumer confidence. These include India (58.4), Malaysia (56.2), Sweden (54.9), Brazil (53.9), Mexico (53.5), and the United States (52.9).
India’s Sub-Indices Show Broad Gains
- Economic Expectations: +0.2 points — steady improvement in future outlook
- Current Personal Financial Conditions: +2.4 points — stronger household confidence
- Investment Climate: +1.2 points — growing optimism around savings and investments
- Employment Confidence: +2.2 points — rising confidence in job market stability
The LSEG–Ipsos Primary Consumer Sentiment Index (PCSI) is a monthly global tracker that measures consumer attitudes on the economy, personal finances, and investment confidence across 30 countries. The October 2025 wave surveyed over 21,000 adults across the world, including 2,200 respondents in India, between September 19 and October 3, 2025.
The PCSI provides insights into evolving consumer confidence trends, helping policymakers, brands, and analysts gauge economic sentiment shifts across global and local markets.
