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India Tops Global Consumer Confidence in January - Survey Insights

India leads in global consumer confidence according to the Refinitiv-Ipsos survey, with improvements in job security, economic conditions, and investment opportunities.

Dheeraj Kumar
22/01/2024

In January, a significant increase in domestic consumer confidence was observed, as reported by the Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI). The survey highlighted improvements across various sectors including job security, economic conditions, current financial conditions, and investment opportunities.

India has emerged as a global leader in consumer sentiment, boasting the highest national index score of 66.5 percentage points among the 29 markets surveyed. This achievement is attributed to positive trends in the PCSI monthly index, which encompasses four key sub-indices: personal financial conditions, investment, economic expectations, and jobs. Notably, there were increases in the personal financial conditions sub-index by 2.0 percentage points, the investment sub-index by 2.5 points, the economic expectations sub-index by 2.5 points, and the jobs sub-index by 3.7 percentage points.

The survey indicates a robust rebound in Indian consumer sentiment, especially in job opportunities and spending, signaling a healthy employment market and optimistic spending behaviors.

Amit Adarkar, CEO of Ipsos India, expressed optimism about the positive shift in consumer sentiment, particularly in job prospects and economic outlook. He also highlighted the controlled inflation on essential commodities, especially food items, which has facilitated discretionary spending among urban Indians.

The Ipsos PCSI is designed to gauge consumer attitudes towards their local economy, personal finances, savings, and confidence in making significant investments. In the survey of 29 countries, India's score of 66.5 led the pack, followed by Indonesia, with twelve other countries surpassing the 50-point mark on the National Index.

The survey's insights were derived from interviews with over 21,200 adults across the surveyed markets.

Conclusion: The Refinitiv-Ipsos survey underscores India's leading position in global consumer confidence, reflecting the country's economic resilience and growth potential. This positive consumer sentiment is crucial for driving economic activities and investments. Additionally, the emergence of platforms like Probz.ai, which leverages AI for qualitative and quantitative insights collection, further enhances our understanding of market dynamics and consumer behaviors, offering valuable data for businesses and policymakers alike.

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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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