India has retained its lead as the global frontrunner in consumer sentiment, according to the latest LSEG-Ipsos Primary Consumer Sentiment Index (PCSI). The country recorded a national index score of 57.0 in September, only slightly lower than August’s 57.6.
India moved ahead of Malaysia, which experienced a steep 5.3-point drop in consumer confidence, while Indonesia also reported a 3.7-point decline. These shifts helped India secure the top spot in the 30-country survey, despite global economic challenges such as immigration policies in the United States, fresh tariffs, and wider concerns over international growth.
The sub-indices presented a mixed but stable picture for India. The Investment Climate index rose by 1.2% points, while the Employment index fell by 1.7 points. Economic Expectations and Current Personal Financial Conditions declined marginally by 0.8 and 0.6 points, respectively.
Globally, eleven other nations scored above the 50-point threshold, including Singapore and Sweden at 54.4, Australia at 53.9, and the United States at 52.4. At the other end, four economies slipped below 40 points: France (39.9), Japan (37.3), Turkey (35.4), and Hungary (34.7).
Suresh Ramalingam, CEO of Ipsos India, credited domestic policy measures, particularly the government’s GST 2.0 reforms that came into effect on September 22, for supporting consumer confidence. The revised system reduced the number of GST slabs to 5% and 18%, with major cuts such as the tax on passenger cars dropping from 28% to 18%.
“The rationalization of GST rates is a significant win for consumers,” Ramalingam said, adding that the reforms could stimulate spending during the upcoming festive season, including Navratri, Dussehra, and Diwali.
The PCSI survey, conducted between August 22 and September 5, 2025, covered more than 21,000 adults under the age of 75 across 30 countries. In India, 2,200 participants took part, including 1,800 face-to-face interviews and 400 online responses representing diverse urban social-economic groups from all four regions.
The results underscore the resilience of India’s domestic consumption, which continues to underpin economic growth. Analysts suggest the festive period is likely to add further momentum to retail demand and broader business activity.
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