India ranked second on the national index score among 29 countries in November 2024, according to a report released on Friday. The LSEG-Ipsos Primary Consumer Sentiment Index India report tracks consumer sentiment based on current conditions, expectations, investments, and job prospects. The index is derived from a monthly survey of over 21,000 adults under the age of 75 across 29 countries, conducted between October 25 and November 8.
The report revealed that Indonesia, with a National Index score of 64.3, holds the highest position among the 29 countries surveyed, followed closely by India, which scored 61.0. Both Indonesia and India are the only countries to achieve a National Index score of 60 or above.
Other countries with scores above the 50-point threshold include Mexico (59.5), Malaysia (56.9), Singapore (56.7), the United States (55.7), Thailand (54.8), Sweden (53.6), the Netherlands (52.7), and Brazil (51.9). In contrast, countries falling below the 40-point mark include Japan (37.8), Hungary (33.9), and Turkey (29.8).
“While India continues to figure among the most optimistic markets on national index score, consumer sentiment has shown a significant downward slide in November. Festivities and Diwali shopping have led to the post-festival gloom as citizens tend to splurge during Diwali a lot — for clothes, sweets, eats, and the purchase of big-ticket items,” said Amit Adarkar, CEO of Ipsos.
The survey results should reflect the perspectives of each country’s more “connected” segment of the population. In India, the sample primarily represents a large subset of its urban population, including socioeconomic classes A, B, and C in metropolitan areas and tier 1-3 towns across all four regions.
The LSEG/Ipsos Primary Consumer Sentiment Index (PCSI), which has been conducted monthly since 2010, tracks consumer attitudes regarding the current and future state of their local economy, personal financial situation, savings, and confidence in making significant investments.
