Consumer Confidence Surges 3.2% For Urban Indians In May 2023: Survey

Consumer Confidence of urban Indians has improved and surged by 3.2 percentage points in May 2023, over April 2023, according to the India Primary Consumer Sentiment (“Consumer Confidence”) Index (“PCSI”) as measured by the Refinitiv/Ipsos PCSI.
 
Interestingly, the monthly PCSI result which is driven by the aggregation of the four, weighted, sub-Indices, has seen improvement and upsurge across all four sub-indices:  the PCSI Employment Confidence (“Jobs”) Sub- Index which is up 4.4 points; the PCSI Economic Expectations (“Expectations”) Sub-Index   is up 2.3 points; the PCSI Investment Climate (“Investment”) Sub-Index which is up 2.5 points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index which is up 3 percentage points over last month.

Since March 2023, Ipsos India has moved the survey from covering only netizens to include an expanded offline sample, using the Ipsos IndiaBus.     

“Consumer Confidence of urban Indians has improved over the previous month and Indians are more confident about snagging jobs, feel positive about their personal finances, investments and have more confidence in the country’s economy. This truly means consumers are buoyant and have monies to run their monthly household expenses; have funds for discretionary spends, savings and spending on big ticket items; are confident about jobs and about the country’s economic conditions. Which sends positive feelers,” says Amit Adarkar, CEO, Ipsos India. 

"We are happy to release our first report after migrating to a new methodology, of improved metrics  and a more robust urban sample for India of 2200 respondents – both netizens (400) and offline sample size (1800). This report provides a more realistic view of urban sample scientifically chosen and extrapolated to the universe. The survey is run on Ipsos IndiaBus," added Adarkar.

Ipsos IndiaBus is a monthly pan India omnibus (which also runs multiple client surveys), that uses a structured questionnaire and is conducted by Ipsos India on diverse topics among 2200+ respondents from SEC A, B and C households, covering adults of both genders from all four zones in the country. The survey is conducted in metros, tier1, tier 2 and tier 3 towns, providing a more robust and representative view of urban Indians. The respondents were polled face to face and online. We have city-level quota for each demographic segments that ensure the waves are identical and no additional sampling error. The data is weighted by demographics and city-class population to arrive at national average.

How do all 29 markets stack up?

India is ranked third in the pecking order in consumer confidence across all 29 markets covered in the survey. 

These findings are based on data from a monthly 29-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by Refinitiv as the Primary Consumer Sentiment Index (PCSI).

The results are based on interviews with over 21,200 adults aged 18+ in India, 18-74 in Canada, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.

The monthly sample consists of 1,000+ individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, Italy, Japan, Spain, and the U.S., and 500+ individuals in each of Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Israel, Malaysia, Mexico, the Netherlands, Peru, Poland, Singapore, South Africa, South Korea, Sweden, Thailand, and Turkey. The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.

Samples in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, the Netherlands, Poland, South Korea, Spain, Sweden, and the U.S. can be considered representative of their general adult populations under the age of 75. Samples in Brazil, Chile, Colombia, Indonesia, Israel, Malaysia, Mexico, Peru, Singapore, South Africa, Thailand, and Turkey are more urban, more educated, and/or more affluent than the general population. The survey results for these countries should be viewed as reflecting the views of the more “connected” segment of their populations. India’s sample represents a large subset of its urban population — social economic classes A/B/C in metros and tier 1-3 town classes across all four zones.  

The data is weighted so that the composition of the sample in each country best reflects the demographic profile of the adult population according to the most recent census data.  

The global indices and averages reported here reflect the average result for all the countries and markets in which the survey was conducted. They have not been adjusted to the population size of each country or market and are not intended to suggest “total” results. 

Sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. The precision of Ipsos online surveys is calculated using a Bayesian credibility interval with a survey of N=1,000 being accurate to +/- 3.5 percentage points and a survey of N=500 being accurate to +/- 5.0 percentage points.