Consumer Confidence of urban Indians up 2.5% in February

After January’s major drop in sentiment of 7.3 percentage points, there is recovery of 2.5 percentage points, for February, seen in consumer confidence of urban Indians, across the four indices of jobs, economy, personal investment and personal finances, according to the Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI). 

The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, has surged across all the four indices: the PCSI Employment Confidence (“Jobs”) Sub-Index  has crawled up by 0.6 percentage points, the PCSI Economic Expectations (“Expectations”) Sub Index, has significantly moved up by 4.7 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index  has inched up by 3.6  percentage points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has risen by 2.2 percentage points, over last month. 

 “We see recovery across all data points, so technically, the mood of the masses has lifted. It could be due to the Budget providing some perceptual relief - tax breaks; the focus needs to be on job creation and employment generation, for further reprieve,” said Amit Adarkar, CEO, Ipsos India.

These are findings of an Ipsos online poll conducted January 24, 2020 – February 7, 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 in is particularly valuable in their 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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