LSEG-Ipsos PCSI surveyed more than 21,000 adults under the age of 75 from 29 countries between 24 May and 7 June 2024
Consumer sentiment has weakened and dipped by 2.6 per cent in June 2024, though notably, India continues to lead with the highest national index score across all 29 markets polled, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) June 2024 wave.
The LSEG-Ipsos survey also maps consumer sentiment across four sub-indices and all of them have seen a drop this month. The employment confidence sub-index is down by 4.6 per cent; the current personal financial conditions sub-index is down by 0.7 per cent; the investment climate sub-index too is down by 0.6 per cent and the economic expectations sub-index is down by 6.4 per cent.
Elaborating on the findings of the survey, Amit Adarkar, CEO, Ipsos India said, “Confidence around personal and household expenses is still stable and the same goes for investments in savings and big-ticket purchases. It is the confidence in the economy and jobs that has seen a significant drop. Some of the impact is due to macro conditions, with the global economic slowdown and job cuts and further, with the new government in the saddle and the union budget yet to be announced, the overall approach is cautionary and tardy. It has also been a hot summer with the farm sector impacted due to drought in some. Monsoons could bring back some cheer and a growth-oriented budget announcement in July 2024.”
“Even The Reserve Bank of India (RBI) warned in mid-June that the exceptionally hot summer and low reservoir levels could stress the summer crops of vegetables and fruits, potentially disrupting efforts to control inflation. While overall inflation has eased, food prices remain volatile and elevated, complicating the inflation battle,” added Adarkar.
The global consumer confidence index is the average of all surveyed countries’ overall or ‘national’ indices. This month’s instalment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted between 24 May and 7 June 2024.
Among the 29 countries, India at 65.2 continues to hold the highest national index score. India and Indonesia at 63.2 are the only countries with a national index score of 60 or higher.
Ten other countries now show a national index above the 50-point mark, Singapore at 58.1, Mexico at 57.2, the Netherlands at 55.2, Thailand at 55.2, Sweden at 54.7, Great Britain at 53.9, the U.S. at 53.8, Malaysia at 52.9, Brazil at 52.3 and Australia at 50.5.
In contrast, just five countries show a national index below the 40-point mark, South Korea at 39.5, Japan at 37.7, Hungary at 37.0, Peru at 36.7 and Türkiye at 29.1.
