India tops Global Consumer Sentiment Index in September at 57.0: Report

India recorded the highest consumer sentiment score among 30 countries in September, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI). The country’s national index stood at 57.0, showing little change from August’s 57.6, reflecting stability despite global economic challenges.

India moved past Malaysia to secure the top position. Malaysia reported a sharp drop of 5.3 points, while Indonesia fell by 3.7 points. Other countries above the 50-point mark included Singapore (54.4), Sweden (54.4), Australia (53.9), the Netherlands (52.8), Mexico (52.7), the U.S. (52.4), Brazil (51.7), and Poland (50.6). At the lower end, France (39.9), Japan (37.3), Türkiye (35.4), and Hungary (34.7) scored below 40.

Regionally, consumer sentiment rose in the Middle East and Africa. South Africa posted the largest monthly gain at +3.7 points, followed by Türkiye at +2.8 points.

In India, the four sub-indices of consumer sentiment showed mixed movement in September. The PCSI Economic Expectations sub-index dipped by 0.8 points, the Current Personal Financial Conditions index declined by 0.6 points, and the Employment sub-index fell by 1.7 points. The Investment Climate sub-index, however, rose by 1.2 points.

Suresh Ramalingam, CEO of Ipsos India, said sentiment has stabilised after last month’s decline. He pointed to domestic factors, including GST 2.0 reforms effective from September 22, as contributing to improved consumer confidence. He added that with the festive season beginning, consumers may channel savings from revised GST rates into shopping and large purchases, boosting demand.

He said, “Consumer sentiment in India has stabilized in September, following the anxiety and sharp decline witnessed in August. While global issues like Trump-era tariffs have had little direct impact on the average Indian consumer, domestic developments have played a key role in restoring confidence.”

Ramalingam added, “With the onset of the festive season, Navratri, Dussehra, Diwali, Bhai Dooj, and more, consumers are likely to channel their savings from GST 2.0 into festive shopping and big-ticket purchases. This, in turn, is expected to drive higher demand across retail channels, benefiting both traders and brands.”

The findings are based on a survey of over 21,000 adults across 30 countries conducted between August 22 and September 5, 2025, on Ipsos’ Global Advisor platform.