Consumer Sentiment Among Urban Indians Rises In September: Ipsos GCCI India Report

India’s national consumer confidence score rose to 66.9 in September, up 1.6 percentage points from 65.3 in August, effectively reversing much of the prior month’s decline and bringing sentiment closer to July’s reading of 67.1.

The rebound suggests that the weakness observed in August was likely transitory, with consumers regaining confidence amid resilient economic fundamentals, improving perceptions of household finances and employment prospects, and continued optimism around discretionary spending and investment activity.

Globally, consumer sentiment appears to have entered a period of consolidation. The Ipsos Global Consumer Confidence Index remained unchanged in September at 48.4, marking the first month of stability since February and aligning

with its level from the same period a year ago.

Against this backdrop of largely flat global sentiment, India continues to stand out as one of the more optimistic consumer markets, underpinned by strong domestic demand, macroeconomic stability and sustained confidence in the country’s growth trajectory.

Sentiment is largely unchanged in Europe this month. However, Sweden (+3.5 points) and the Netherlands (+2.8 points) are up significantly, while no country shows a notable decline.

Consumer confidence is also stable in the Asia-Pacific. Malaysia (-2.8 points) is the only country to show a significant change this month.
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s instalment is based on a monthly survey of more than 21,000 adults under the age of 75 from 30 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between August 21 and September 4, 2026.
Suresh Ramalingam, CEO, Ipsos India said, “September’s rebound in consumer confidence suggests that the weakness observed in August was temporary rather than structural. Consumer sentiment remains anchored by strong macroeconomic fundamentals, including healthy GDP growth, relative price stability, improving infrastructure, and a policy environment that has fostered economic continuity. The fact that India remains the highest-ranked market globally on consumer confidence underscores the extent to which households continue to view the domestic economy as resilient despite ongoing global volatility.”

“Furthermore, India’s increasing focus on energy diversification, from renewable power generation to electric mobility and alternative fuels, is reducing vulnerability to external energy shocks. At ,a time when geopolitical developments have the potential to influence global commodity markets, Indian consumers appear reassured by the country’s capacity to maintain economic stability and growth. This combination of short-term resilience and long-term structural transformation continues to support exceptionally strong consumer confidence,” stated Ramalingam.

CONSUMER SENTIMENT IN 30 COUNTRIES

Interestingly, among the 30 countries surveyed, India (66.9) holds the highest National Index score. India and Sweden (60.0) are the only countries this month to hold a National Index score of 60 or higher.

Twelve other countries now show a National Index at or above the 50-point mark: Malaysia (54.8), Singapore (54.3), Thailand (53.1), Indonesia (52.9), Peru (52.6), the Netherlands (52.5), Brazil (52.2), Colombia (51.7), Mexico (50.8), the U.S. (50.5), South Africa (50.3), and Israel (50.1).

In contrast, three countries now show a National Index below the 40-point mark: Japan (39.4), Argentina (37.8), and Türkiye (35.3).

IMPROVEMENT SEEN 3 OF 4 SUB INDICES IN SEPTEMBER

Performance across key sentiment drivers improved meaningfully in September, reflecting a broad-based recovery in consumer confidence following the softness observed in August.

While overall consumer sentiment rose by 1.6 percentage points in September, the improvement was supported by gains across three of the four underlying indicators. The most significant increase came from the Employment sub-index, which climbed 3.7 percentage points, signalling a noticeable strengthening in consumer perceptions around job security and future employment opportunities. The Current Personal Financial Conditions sub-index advanced 2.3 percentage points, indicating that households are feeling more confident about their present financial circumstances. Meanwhile, the Investment sub-index increased by 1.7 percentage points, suggesting a greater willingness among consumers to commit to discretionary spending, major purchases and longer-term financial decisions.

The only area that remained relatively subdued was Economic Expectations, which edged down marginally by 0.3 percentage points. While consumers appear increasingly optimistic about their own finances and employment prospects, they remain somewhat cautious about the broader economic outlook, reflecting a degree of uncertainty around future growth dynamics.

The September rebound marks a notable turnaround from August, when sentiment weakened across all key dimensions. During that period, the Current Conditions Index declined by 1.8 percentage points, Economic Expectations fell by 1.1 percentage points, the Investment Index dropped by 1.6 percentage points, and the Employment Index recorded the sharpest deterioration, down 3.1 percentage points. The September recovery therefore suggests that consumers have regained confidence after a temporary slowdown, with improving labour market perceptions and stronger household financial sentiment emerging as the primary drivers of the uptick.

“The improvement in consumer sentiment in September points to the underlying resilience of the Indian consumer. What is particularly encouraging is that the rebound is being led by stronger confidence in employment prospects, personal finances and investment intentions, which are often reliable indicators of future consumption activity. While consumers remain somewhat measured in their expectations about the broader economy, the overall trend suggests that the weakness witnessed in August was temporary in nature. Supported by robust economic growth, a stable macroeconomic environment, moderating inflation and sustained policy continuity, Indian households are demonstrating renewed confidence in their financial well-being and spending outlook,” added Ramalingam.

METHODOLOGY

These findings are based on data from a monthly 30-country survey conducted by Ipsos on its Global Advisor online survey platform . They are first reported each month by LSEG as the Primary Consumer Sentiment Index (PCSI).

The results are based on interviews with over 21,000 adults aged 18+ in India, 18-74 in Canada, Ireland, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.

The sample consists of 1,000+ individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, India, Italy, Japan, Spain, and the U.S., and 500+ individuals in each of Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Ireland, Israel, Malaysia, Mexico, the Netherlands, Peru, Poland, Singapore, South Africa, South Korea, Sweden, Thailand, and Türkiye.

Samples in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, the Netherlands, Poland, South Korea, Spain, Sweden, and the U.S. can be considered representative of their general adult populations under the age of 75. Samples in Brazil, Chile, Colombia, India, Indonesia, Israel, Ireland, Malaysia, Mexico, Peru, Singapore, South Africa, Thailand, and Turkey are more urban, more educated, and/or more affluent than the general population. The survey results for these countries should be viewed as reflecting the views of the more “connected” segment of their populations. The data is weighted so that the composition of the sample in each country best reflects the demographic profile of the adult population according to the most recent census data.
The global indices and averages reported here reflect the average result for all the countries and markets in which the survey was conducted. They have not been adjusted to the population size of each country or market and are not intended to suggest “total” results.
Sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. The precision of Ipsos online surveys is calculated using a Bayesian credibility interval with a survey of N=1,000 being accurate to +/- 3.5 percentage points and a survey of N=500 being accurate to +/- 5.0 percentage points.

For the Global Index, significant changes are +/- 0.5 point. For individual countries, significant changes are +/- 2.0 points.

The LSEG/ Ipsos Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly survey of consumer attitudes on the current and future state of their local economy, personal financial situation, savings, and confidence to make major investments. The PCSI metrics reported each month for each of the countries surveyed consist of a “Primary Index” based on all 10 questions below and of several “sub-indices” each based on a subset of these 10 questions.

The publication of these findings abides by local rules and regulations.

Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing over 20,000 people.