With no signs of reprieve from the pandemic in near future and economy yet to show major indications of a revival, India's consumer confidence has declined by 0.3 percentage points in October 2020, as per the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI).
The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, is a mixed bag for October 2020, Ipsos said in a statement.
The PCSI Employment Confidence Sub-Index is down by 1.2 percentage points and the Economic Expectations Sub-Index, has dropped by 2.4 percentage points.
However, the Current Personal Financial Conditions Sub-Index has moved up by 2 percentage points and the Investment Climate Sub-Index has gone up by 1.6 percentage points.
"The Indian Economy is still in the recovery mode. Tourism provides a big boost to the economy, but right now inbound travel from foreign countries has not been restored, preventively, to control the pandemic. Likewise, the job market has not started to look up just yet. Job creation will be important," Amit Adarkar, CEO, Ipsos in India, said.
He said that the festival shopping could lift the spirits and boost the economy when consumers loosen their purse strings.