India’s consumer sentiment saw an uptick of +1.4 percentage points in October 2025, driven by the onset of the festive season and recently introduced GST reforms aimed at easing the indirect tax burden.
The festive season, coupled with government-led GST reforms designed to reduce the cost of living, seem to have enabled more household savings and increased capacity for discretionary spending. These factors have collectively led to a positive movement in India’s National Index score, reflecting broader optimism around jobs, personal finances, investments and the economy.
Regionally, sentiment was largely positive across the Asia-Pacific. Indonesia saw the highest gain, with a rise of 6.5 percentage points. Thailand followed with an increase of 3.6 points, South Korea with 2.6 points, Malaysia with 2.1 points, and India with 1.4 points. In contrast, Australia and Japan experienced declines in consumer sentiment, falling by 2.1 and 2.0 percentage points, respectively.
In Latin America, the picture was mixed. Argentina showed the largest drop in sentiment globally, with a decline of 3.5 percentage points, followed by Colombia at -3.1 points. Brazil, however, registered a significant increase of 2.2 points.
The Global Consumer Confidence Index, which is calculated as the average of all surveyed countries’ national indices, reflects the overall level of consumer confidence worldwide. The findings are based on the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), a monthly survey conducted via Ipsos’ Global Advisor online platform. The October 2025 wave was fielded between September 19 and October 3, 2025, and included responses from more than 21,000 adults under the age of 75 across 30 countries.
Consumer sentiment in 30 countries
Among the 30 countries surveyed, Indonesia holds the highest National Index score at 58.8, reflecting a strong monthly gain of +6.5 percentage points in consumer sentiment. India ranks second with a National Index score of 58.4, marking an increase of +1.4 points over the previous month.
For the third consecutive month, no country has reached or surpassed the 60-point mark, highlighting a general moderation in global consumer sentiment.
A total of eleven countries reported a National Index score at or above 50, indicating relatively strong consumer confidence. These include: India (58.4), Malaysia (56.2), Sweden (54.9), Brazil (53.9), Mexico (53.5), Thailand (53.4), the United States (52.9), the Netherlands (52.7), Singapore (52.6), Australia (51.8), and Poland (50.4).
In contrast, three countries recorded National Index scores below 40, signaling weaker consumer sentiment: Hungary (37.3), Japan (35.2), and Türkiye (34.9).
Consumer outlook improves across sub indices
Consumer outlook in India strengthened across all four sub-indices in October 2025. The PCSI Economic Expectations (“Expectations”) Sub-Index edged up by +0.2 percentage points, reflecting a steady improvement in perceptions of the country’s economic outlook. The Current Personal Financial Conditions (“Current Conditions”) Sub-Index recorded a stronger gain of +2.4 points, suggesting that households are feeling more confident about their present financial situation. The PCSI Investment Climate (“Investment”) Sub-Index rose by +1.2 points, indicating growing optimism around savings and investment intentions. Meanwhile, the PCSI Employment (“Jobs”) Sub-Index advanced by +2.2 points, underscoring rising confidence in the job market and employment prospects.
Elucidating the findings of the LSEG-Ipsos Primary Consumer Sentiment Index—a monthly tracker that measures consumer confidence across 30 countries, including India—Suresh Ramalingam, CEO, Ipsos India, said: “From late September through October, India has been in a celebratory mood, with a host of festivals, creating a feel-good atmosphere across the country. The festive season seems to have spurred consumer spending, reflecting the spirit of celebration. The festive fervour, combined with the government’s recent GST reforms aimed at reducing the cost of living and enhancing household savings, appears to have provided a further boost to consumer sentiment. Despite challenging global macroeconomic conditions, Indian consumers have remained upbeat, fully immersed in festive shopping and celebrations.”
“Many companies distribute Diwali bonuses, and the accompanying holidays further creates an upbeat mood driving positive sentiment. This, in turn, is reflected in the uptick in consumer sentiment related to personal finances, investments, and savings,” noted Suresh Ramalingam, CEO, Ipsos India.
He added, “Hiring momentum remains strong across sectors such as e-commerce, logistics, retail, automotive, and EV infrastructure. Notably, Tier 2 cities are emerging as vibrant employment hubs, with a visible surge in hiring activity, as highlighted by recent industry reports.”
About the Study
These findings are based on data from a monthly 30-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by LSEG as the Primary Consumer Sentiment Index (PCSI).
The results are based on interviews with over 21,700 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 monthly sample consists of 1,000+ individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, 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 Turkey. The sample in India consists of approximately 2,200 individuals of whom 1,800 were interviewed face-to-face and 400 were interviewed online.
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, 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. India’s sample represents a large subset of its urban population — social economic classes A/B/C in metros and tier 1-3 town classes across all four zones.
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.
