The LSEG-Ipsos monthly Primary Consumer Sentiment Index (PCSI) consumer confidence has further improved in February 2024, over January 2024, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI).
Overall, there was a 2.9 percentage points increase in February 2024, over the previous month, as India continues to show resilience despite the stressed global macro forces, and its score was 69.4 (highest globally).
Among the 29 countries, India (69.4) holds the highest National Index score this month. Indonesia (65.2) and Thailand (60.4) are the other countries with a National Index score of 60 or higher.
“We continue to witness stable conditions in terms of the economy and personal finances, as consumers are less stressed about running their households and daily spending, and are also buoyant about discretionary spending, for investments, savings and buying big ticket items. Interestingly, sentiment around jobs has also improved as some companies are hiring in the new fiscal,” said Amit Adarkar, CEO, Ipsos India.
He said that the survey captures the pulse of the consumer and gauges how consumer sentiment moves from month to month, as it has ramifications for marketers.
“In a depressed macro environment, it would be natural for consumers to cut back, and it resets consumer priorities. But in the reverse scenario (which was seen in Feb 2024), consumers are willing to splurge and generally feel good about the economy and the job market,” Adarkar mentioned.
Also, the interim Budget had no big surprises in terms of direct and indirect taxes – govt did not burden the consumers more. Food inflation has also been under control, added Adarkar.
