Consumer confidence drops in August

New Delhi: Consumer confidence in India has declined by 3.1 percentage points in August compared to last month, according to the latest India Primary Consumer Sentiment Index (PCSI).

The index prepared by Thomson Reuters in partnership with Ipsos said that the downward movement in PCSI has been continuous since May 2019, barring a marginal (0.6 percentage point) improvement in July 2019.

"Notably, the mood is downbeat across all parameters of PCSI which is driven by the aggregation of the four, weighted, sub-indices," the report said on Thursday.

The sub-indices include jobs, economic expectations, investment and current personal finance conditions, which were down 1.7 percentage points, 3 percentage points, 4.1 percentage points and 3.7 percentage points, respectively.

"Urban Indians are feeling less confident about the economy and jobs and further, there is bit of a tightening in personal spending and investments for the future; macro-economic factors (both, global and local) are definitely impacting the mood, making the indicators drop, month on month," said Parijat Chakraborty, Country Service Line Leader, Public Affairs and Corporate Reputation, Ipsos India.

The report said that the survey was carried out through an Ipsos online poll during July 26-August 9 with a sample size of 500 adults.