India ranks 2nd on Global Consumer Sentiment Index despite 3.3% dip: Report

India has retained its position as the world’s second-most resilient market on the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), even as consumer confidence dipped in August. The Index recorded a 3.3 percentage point decline, reflecting the impact of Trump-era tariffs and wider global economic pressures.

Among the 30 markets tracked, Malaysia topped the National Index with a 6.7 percentage point surge in sentiment. Other countries facing notable declines included Indonesia (-3.7 pp), Poland (-2.8 pp), Germany (-2.5 pp), Colombia (-2.5 pp), and France (-2.2 pp).

The Global Consumer Confidence Index, which represents the average of all participating markets, is based on a survey of over 21,000 adults under 75 across 30 countries. The latest survey was conducted between July 25 and August 8, 2025, via Ipsos’ Global Advisor online platform.

Consumer confidence in India fell across all four sub-indices in August. Economic expectations dropped by 7.3 percentage points, the sharpest fall of the four. Current financial conditions declined by 2.8 percentage points, the investment climate sub-index slipped 3.3 points, and the jobs sub-index fell by 4.7 points.

Suresh Ramalingam, CEO, Ipsos India, said, “The LSEG-Ipsos Primary Consumer Sentiment Index is one of the most respected global surveys tracking consumer confidence — a key indicator of how people intend to spend, cut back, or perceive the economic climate and job market. While the full impact of Trump-era tariffs and recent job cuts is still unfolding, there is a visible sense of anxiety among citizens. President Trump has been explicit in his rhetoric around prioritizing local hiring and limiting opportunities for Asians, including Indians. For many in India, the West has long been viewed as a land of opportunity — for jobs, higher education, and immigration pathways like the H1B visa. Now, those aspirations are increasingly under threat. Adding to the challenge is the rising cost of living, which is squeezing both daily and discretionary spending. These are not isolated issues — a number of global economies are feeling the ripple effects of this broader macroeconomic environment.”

The report highlights that consumer sentiment in 30 countries continues to reflect ongoing geopolitical and economic uncertainties, with India showing resilience despite headwinds.