Consumer sentiment for urban Indians remains bullish in Oct 2023: Study

Consumer sentiment for urban Indians is up 1.9 percentage points in October 2023, displaying further improvement in consumer sentiment over September 2023, according to the Refinitiv-Ipsos India Primary Consumer Sentiment Index (PCSI) report for India.

The monthly PCSI result, which is driven by the aggregation of the four weighted sub-Indices, has surged across all the 4 sub-indices: the PCSI Economic Expectations Sub-Index is up 4.0 percentage points; the PCSI Employment Confidence Sub-Index has slightly moved up 0.2 percentage points; the PCSI Current Personal Financial Conditions Sub-Index is up 1.3 percentage points; and the PCSI Investment Climate Sub-Index is up 1.9 percentage points.

Amit Adarkar, CEO, Ipsos India, elucidating on the findings of the survey, said, “Consumer Sentiment among urban Indians has been showing a steady improvement since July 2023, and sustaining through October 2023. We also see improvement across the 4 sub-indices of economy, jobs, personal finances and investments. Sentiment around the economy has seen a major boost of 4 percentage points and likewise for investments (1.9 percentage points) and personal finances (1.3 percentage points).”

“The Indian economy is on a firm growth track. With the recent downturn in food inflation and increased bonhomie about the festival period, urban consumer sentiment is getting more upbeat. Recently concluded various eCommerce sales also reflect this sentiment,” 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 – 1,800 offline sample + 400 online sample, covering 16 cities across the length and breadth of the country, scientifically chosen, from NCCS A, B & C, which is more representative of the urban population.

Ipsos IndiaBus is a monthly pan India omnibus (which also runs multiple client surveys), that uses a structured questionnaire and is conducted by Ipsos India on diverse topics among 2200+ respondents from SEC A, B and C households, covering adults of both genders from all four zones in the country. The survey is conducted in the metros, Tier 1, Tier 2 and Tier 3 towns, providing a more robust and representative view of urban Indians. The respondents were polled face to face and online. We have city-level quota for each demographic segments that ensure the waves are identical with no additional sampling error. The data is weighted by demographics and city-class population to arrive at national average.

Consumer Sentiment in 29 Countries

India emerges most buoyant on consumer sentiment, across all markets covered, followed by Indonesia, Brazil and Mexico. India has climbed to the top spot this month, from the 2^nd spot last month.