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Urban India taking a hit in consumer confidence: Report

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Consumer confidence among urban Indians slumped by 1.1 percentage points in April 2021 against the background of a massive surge in COVID-19 cases in the country, as per a Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) report, a monthly survey of consumer attitude on the current and future state of local economies, personal finance situations, savings and investment confidence.

Urban India taking a hit in consumer confidence: Report

The online survey, conducted between March 26 and April 9, involved interviews conducted with 500 adults from Ipsos’ India online panel aged 16-64 years.

The monthly PCSI is driven by the aggregation of the four weighted sub-indices: PCSI Employment Confidence (Jobs) sub-index (down by 0.6 percentage points), Current Personal Financial Conditions (down by 1.5 percentage points), and Investment Climate (down by 0.9 percentage points). Economic Expectations sub-index dropped by 0.8 percentage points, according to the survey.

“Businesses had started recovering post the first wave, and now the new wave (which is more infectious) has already started to negatively impact the sentiment around jobs, finances for the daily running of households, savings and investments and the economy,” Ipsos India CEO Amit Adarkar was quoted by Business Standard as saying.