Consumer Sentiment Strengthens In September For Urban Indians: Survey

Consumer sentiment has further strengthened and improved in September for urban Indians, according to the Refinitiv-Ipsos India Primary Consumer Sentiment Index (PCSI). 

The monthly PCSI result which is driven by the aggregation of the four, weighted, sub-Indices, has surged for all the four sub-indices: the PCSI Economic Expectations (“Expectations”) Sub-Index is up 1.0 percentage points; the PCSI Employment Confidence (“Jobs”) Sub- Index has increased by 2.8 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is up 3.2 percentage points and the PCSI Investment Climate (“Investment”) Sub-Index is up 3.2 percentage points.

Summarising on the findings of the survey, Amit Adarkar, CEO of Ipsos India said, “We see a further improvement in consumer sentiment in September among urban Indians, after a major upturn witnessed in August 2023. Sentiment is up for the economy (though marginal), jobs, personal finances and investments. Buoyancy is good news for marketers as consumers will be willing to loosen their purse strings with the festival season already taking off in different parts of India. Monsoon situation has improved in September after the August deficit. Also, the food inflation is down from the highs of July.” 

“Hiring is also seeing an uptick, with India being one of the fastest growing emerging markets,” Adarkar added.

Since March 2023, Ipsos India has moved the survey from covering only netizens to include an expanded offline sample, using the Ipsos IndiaBus – 1800 offline sample plus 400 online sample, covering 16 cities across the length and breadth of the country, scientifically chosen, from NCCS A, B & C.