Refinitiv-Ipsos monthly India PCSI Report 2022

The Refinitiv-Ipsos monthly India Primary Consumer Sentiment Index (PCSI) in March 2022 has improved and inched up by 1.2 percentage points, over February 2022. 

Improvement has been seen across all the 4 sub-indices. The Investment Climate (“Investment”) Sub-Index has moved up by 2 percentage points;  the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has surged by 1.9 percentage points; the PCSI Economic Expectations (“Expectations”) Sub Index, has increased by 1.5 percentage points; and the PCSI Employment Confidence (“Jobs”) Sub-Index is up by 1 percentage points, over the previous month.

Elaborating on the results of the survey and cautioning for the future, Amit Adarkar, CEO, Ipsos India said, “Consumer sentiment had surged in February as the Omicron threat started receding. We witnessed normalcy returning, with offices reopening, and commercial activities gaining pace. Though the consumer sentiment shows growth in March, the pace of growth has slackened now, as there is another crisis playing out, of the Russia-Ukraine imbroglio. The impending hike in fuel prices may come into effect soon, leading to increased inflationary conditions, unless the war ends, and crude oil prices fall. We may see some reversal of consumer sentiment next month unless the ongoing crisis comes to an end soon. The good news, till then, is that March consumer sentiment has stayed above 2019 levels.”    

Methodology

The findings are of an Ipsos online poll conducted from February 18, 2022 – to March 4, 2022.  For this survey, a sample of 500 adults from Ipsos' India online panel aged 16-64 were 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  http://www.ipsos-na.com/news-polls/pressrelease.aspx?id=5836.

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.