Consumer Confidence downgrades by 0.3 percentage points in October 2020

Consumer Confidence has declined by 0.3 percentage points in October 2020, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for India.

The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, is a mixed bag for October 2020. The PCSI Employment Confidence (“Jobs”) Sub-Index is down by 1.2 percentage points; the PCSI Economic Expectations (“Expectations”) Sub Index, has dropped by 2.4 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has moved up by 2 percentage points; and the PCSI Investment Climate (“Investment”) Sub-Index has gone up by 1.6 percentage points.

Amit Adarkar, CEO, Ipsos in India, said, “The Indian Economy is still in the recovery mode; there are restrictions due to the pandemic and on international travel (inbound and outbound); tourism provides a big boost to the economy, but right now inbound travel from foreign countries has not been restored, preventively, to control the pandemic; likewise, the job market has not started to look up just yet. Job creation will be important. Festival shopping could lift the spirits and boost the economy when consumers loosen their purse strings.

Unlock 5 is lifting the sentiment for personal finances, for day-to-day running of households and with banks providing easy financing for upgradation, consumers are enthused about investing in big ticket items.”

These are findings of an Ipsos online poll conducted September 25, 2020 – October 9, 2020.  For this survey, a sample of 500 adults from Ipsos' India online panel  aged 16-64 was interviewed online. As this is an online poll in India, representative of the online community in the country, it is not reflective of the general population; however, the online sample is particularly valuable in its own right as they are more urban, educated and have more income than their fellow citizens and often referred to as “Upper Deck Consumer Citizens” or Primary Consumers. The precision of the Refinitiv/Ipsos online polls is measured using a Bayesian Credibility Interval. In his case, the poll has a credibility interval of plus or minus 5.0 percentage points for all adults. For more information on the Bayesian Credibility Interval please see

The Refinitiv/Ipsos India Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. The Index is composed of four sub-indices: Current Conditions Index; Expectations Index; Investment Index; and, Jobs Index.


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