According to a recent monthly survey on consumer confidence, India saw the highest levels of optimism among consumers when compared to 29 other countries. The survey, conducted by London Stock Exchange Group and research firm Ipsos, found that India’s consumer sentiment score in May stood at 67.8 points – the highest scoring nation on the list.
The survey, known as the Primary Consumer Sentiment Index, tracks sentiment across countries through interviews with citizens. In India, interviews were conducted with over 2,200 individuals both in-person and virtually. The results are then analyzed on a scale to create the sentiment scores for each location.
In addition to topping the overall rankings, India also saw a slight month-over-month improvement in May of 0.8 points compared to April according to the Index. Looking more closely at the components of the Index, scores increased for expectations around future job prospects and the overall economy. However, views on personal finances and investment opportunities saw small declines.
Commenting on the results, a representative from Ipsos stated that India has shown tremendous resilience even during tougher economic periods. Much of this is driven by the country’s large domestic market and focus on growth. While concerns regarding costs of living remain, signs of recovery in the job market and optimism about the future bode well as foreign investors also take notice of opportunities.
The latest survey underscores Indians widespread hope for continued rebound as macroeconomic fundamentals strengthen. Ongoing job additions alongside stable inflation and robust consumption should help sustain this positive outlook in the months ahead.
