Urban Indian consumers’ confidence over jobs has improved the most over the past month compared to that around economic expectations, investment climate and personal finances, according to a small online survey of 500 adults by Refinitiv-Ipsos India.
The survey and research organisations’ India Primary Consumer Sentiment Index (PCSI) grew 0.9 percentage points in November over the previous month. But the PCSI Employment Confidence Sub-Index, which is one of the four weighted sub-indices driving the aggregate, is up by 3.3 percentage points.
On the other hand, there is little to no change in the other three sub indices. The PCSI Economic Expectations sub-index is slightly up by 0.1 percentage points; the PCSI investment climate sub-index has surged by 0.9 percentage points; and the PCSI current personal financial conditions sub-index has shown no change over the previous month.
Market research company Ipsos India’s CEO Amit Adarkar said the improvement in consumer sentiment among urban Indians since May 2021 has been consistent and is likely to further improve, though the pace of sentiment growth seems to be slowing down after the festival season.
“Consumer Confidence is on a firm wicket and we have been seeing a consistent recovery since May 2021. And now with the job sentiment seeing a major boost in November, this will have a positive rub off on the other sub-indices of economy, personal finances and savings & investments. Conservative improvement for personal finances and investment in November 2021 can be attributed to festival spends. It could be a temporary bust after a boom. Sentiment around the economy is muted considering it will take the longest to repair, due to the prolonged pandemic,” he said.
The poll was conducted between October 22 and November 5 using a sample of 500 adults aged 16-64 from Ipsos' India online panel. “As this is an online poll in India, representative of the online community in the country, it is not reflective of the general population. However, the online sample is particularly valuable in their own right as they are more urban, educated and have more income than their fellow citizens and often referred to as ‘Upper Deck Consumer Citizens’ or Primary Consumers,” noted the report with the survey.
The monthly national survey tracks consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. The Index is composed of four sub-indices: current conditions index, expectations index, investment index and jobs index.
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