Consumer confidence has increased by 2.2 percentage points, revealed a recent report by Refinitiv-Ipsos, the primary consumer sentiment index (PCSI). This surge is reflected across all four sub-indices, indicating a positive outlook on various economic aspects.
The monthly PCSI result, determined by the sum of four weighted sub-indices, paints a promising picture for the economy. The “current conditions” sub-index is up by 2.0 percentage points, indicating an optimistic perspective on personal financial conditions. The ‘investment’ sub-index sees a notable increase of 2.5 percentage points, signalling a positive sentiment towards the investment climate. Additionally, the “expectations” and “jobs” sub-indices both witness significant upticks of 2.5 and 3.7 percentage points, respectively.
Amit Adarkar, CEO of Ipsos India, said, “There is a significant increase in consumer sentiment in the new year. Job-related sentiment has improved significantly, with hiring on the rise recently. Consumers are likewise optimistic about spending, and there is a favourable outlook for the economy.”
Notably, India holds the highest National Index score this month among the 29 countries covered in the survey, with a score of 66.5. Indonesia follows closely with a National Index score of 65.1, the only other country surpassing the 60-point mark.
Further, the report stated that twelve additional countries exhibit national index scores above 50, including Thailand, Singapore, Brazil and the United States. Belgium achieved its highest score since tracking began in 2010, while Great Britain attained its highest score since August 2021. On the flip side, South Korea, Hungary, Japan, and Turkey are the only countries reporting national index scores below the 40-point mark.
Additionally, the report stated that comparing results to 12 months ago, Australia and Israel stand out as the only countries experiencing a significant drop in consumer sentiment. Conversely, Poland and Great Britain showcase the most substantial increases, with gains of +16.4 and +13.1, respectively.
The survey, conducted across 29 countries, encompasses over 21,200 adults, providing a comprehensive overview of global consumer sentiment. While the data reflects an optimistic start to the new year, it also highlights the varied economic landscapes and sentiments across different nations.
