Consumer sentiment has weakened and dipped -2.6 percentage points 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 4 sub-indices and all of them have seen a drop this month: the PCSI Employment Confidence (“Jobs”) Sub-Index, is down -4.6 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is down -0.7 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index too is down -0.6 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index is down -6.4 percentage points.
Amit Adarkar, CEO, Ipsos India, said, “Confidence around personal and household expenses is still stable and same goes for investments in savings and big-ticket purchases. It is the confidence around 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 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. And while overall inflation has eased, food prices remain volatile and elevated, complicating the inflation battle,” Adarkar added,
How global markets stack up
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between May 24 and June 7, 2024.
Among the 29 countries, India (65.2) continues to hold the highest National Index score. India and Indonesia (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 (58.1), Mexico (57.2), the Netherlands (55.2), Thailand (55.2), Sweden (54.7), Great Britain (53.9), the U.S. (53.8), Malaysia (52.9), Brazil (52.3), and Australia (50.5).
In contrast, just five countries show a National Index below the 40-point mark: South Korea (39.5), Japan (37.7), Hungary (37.0), Peru (36.7), and Türkiye (29.1).
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