Consumer Sentiment Up For Jobs; India Ranks No. 2 On National Index Score: LSEG-Ipsos PCSI August 2024

The August 2024 wave of the LSEG-Ipsos Primary Consumer Sentiment Index shows confidence around jobs has improved and India was placed 2nd in the pecking order on the National Index Score across the 29 markets covered in the survey. 

However, overall the sentiment was seen to be down -2.9 percentage points. 

The LSEG-Ipsos PCSI maps consumer sentiment on 4 sub-indices and sentiment around the PCSI Employment Confidence (“Jobs”) sub-index, has seen an uptick of +0.9 percentage points, the PCSI Current personal financial conditions sub index (Current Conditions) was down -6.5 percentage points; the PCSI Investment Climate (“Investment”) sub-index has lowered -6.5 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index was down 2.0 percentage points. 

Amit Adarkar, CEO, Ipsos India elucidating on the findings said: "The sentiment around jobs has improved with some sectors hiring in H2 and also with the government announcing new initiatives for job creation in the budget. Some consumers are feeling the pinch of high cost of living in terms of strain on personal finances for day-to-day running of households and lack of disposable incomes for savings and buying of big ticket items and discretionary spends. The sentiment is also down around the economy. Global factors continue to bog down our economy also with the rupee weakening against the dollar at Rs. 84/$, with the wars in Ukraine and Gaza continuing."      

Consumer sentiment in 29 countries 

Among the 29 countries, India has now moved to the 2nd spot, preceded by Indonesia (63.6) which now holds the highest National Index Score. Indonesia and India (61.6) are the only countries with a National Index score of 60 or higher.

Eleven other countries now show a National Index above the 50-point mark: Sweden (57.3), the Netherlands (55.6), the U.S. (55.3), Malaysia (54.2), Great Britain (53.8), Brazil (53.1), Singapore (52.5), Mexico (52.0), Spain (50.2), Canada (50.1) and South Africa (50.1).

In contrast, just three countries show a National Index below the 40-point mark: Japan (38.0), Hungary (36.8), and Türkiye (36.4).

“India continues to be one of the most resilient markets despite all the global turbulence and tough macro conditions. We have good monsoons and that should bring down food inflation,” added Adarkar.