Consumer Confidence for urban Indians has slightly improved and inched up by 1.1 percentage points in July 2021, over the previous month, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI). We are seeing slow recovery from the major drop in consumer sentiment, in May 2021.
The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, is showing mixed recovery: The PCSI Employment Confidence (“Jobs”) Sub-Index is down by 0.1percentage points; the PCSI Economic Expectations (“Expectations”) Sub Index, has reduced/ receded by 1.8 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index is up by a significant 3.7 percentage points ; and the PCSI Current Personal Financial Conditions(“Current Conditions”) Sub-Indexhas also recovered by a healthy 3.5 percentage points.
Amit Adarkar, CEO, Ipsos India, said, “Easing of restrictions and reopening since June has positively impacted livelihoods and we are seeing a robust uptick in sentiment for personal finances (for day to day running of households) and for investments (savings and investing for the future).
“However, the recovery around jobs and particularly the economy is slow and unless the mass immunization becomes a reality, we are likely to see the government working with utmost caution, to mitigate another wave of infections.
“And hence the economy may take longer to get back on grid. Which I believe we’ll need to accept because the corona virus threat is still far from over, with many other countries facing the onset of a new wave,” Adarkar said.