India retained its position as one of the most resilient consumer markets globally in December 2025, ranking second among 30 countries tracked under the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI),
despite a marginal easing in sentiment, according to the latest monthly report.
India’s national index score stood at 59.3 in December, even as consumer confidence slipped by 1.7 percentage points from the previous month. The reading underscores sustained optimism among Indian consumers amid a year marked by global uncertainty and domestic challenges, the report said.
According to the PCSI, Indonesia topped the rankings with a national index score of 63.4, while India was followed by Malaysia, Singapore, Sweden and Thailand. No other country recorded a score of 60 or above in December. At the other end of the spectrum, Hungary and Türkiye were the only two countries with index scores below the 40-point mark.
Suresh Ramalingam, chief executive officer of Ipsos India, said 2025 had been a challenging year for the country due to a combination of global and domestic pressures. These included geopolitical conflicts, trade policy shifts, workforce reductions by multinational companies, domestic job losses, monsoon-related climate disruptions and currency depreciation. “Despite these headwinds, consumer sentiment reflects India’s continued ability to adapt and stay the course toward growth,” he said.
Consumer sentiment across key sub-indices showed mixed movement in December. The Economic Expectations sub-index recorded a sharper decline of 5.6 percentage points, indicating some caution about the near-term outlook. The Current Personal Financial Conditions sub-index edged down marginally by 0.4 percentage points.
In contrast, the Investment Climate sub-index rose by 0.6 percentage points, suggesting steady confidence in long-term financial decisions. The Employment sub-index, however, fell by 6.2 percentage points, reflecting seasonal hiring slowdowns and lingering concerns around job security.
Ramalingam noted that year-end caution is typical as hiring activity slows during business closures. He added that consumers remained watchful despite India posting GDP growth of around 7 per cent in 2025, influenced by global volatility and geopolitical uncertainty. Policy measures such as the 25 basis point repo rate cut by the Reserve Bank of India and GST rate rationalisation in September had helped support consumption and discretionary spending, he said.
Globally, 11 countries recorded national index scores above the neutral 50-point mark in December, including the US, Australia, Brazil and the Netherlands. The global picture remained uneven, reflecting divergent economic conditions and confidence levels across regions.
The PCSI is a monthly survey conducted across 30 countries and is published by LSEG in partnership with Ipsos. In India, the study is based on responses from around 2,200 individuals across metros and tier 1-3 cities, covering socio-economic classes A, B and C.
The index tracks consumer attitudes on the economy, personal finances, savings and willingness to make major investments, and has been in continuous publication since 2010.
