Urban India's Consumer Confidence Rises to 66.9 in September: Ipsos Survey

Consumer confidence among urban Indians rose to 66.9 in September 2026 from 65.3 in August, according to the Ipsos Global Consumer Confidence Index released in New Delhi on 28 September. The 1.6-point increase reverses much of August's decline, though the score remains below July's 67.1.

Ipsos attributed the rise to gains in employment, personal finances and investment sentiment. The findings come from an online survey of more than 21,000 adults in 30 countries, conducted between 21 August and 4 September 2026.

How India Ranks in the Ipsos Global Consumer Confidence Index

India has the highest national index score among the 30 countries. Only India and Sweden (60.0) scored 60 or above. Twelve other countries scored 50 or above: Malaysia (54.8), Singapore (54.3), Thailand (53.1), Indonesia (52.9), Peru (52.6), the Netherlands (52.5), Brazil (52.2), Colombia (51.7), Mexico (50.8), the U.S. (50.5), South Africa (50.3) and Israel (50.1). Japan (39.4), Argentina (37.8) and Türkiye (35.3) scored below 40.

Global Consumer Confidence Index Holds Steady at 48.4

The Ipsos Global Consumer Confidence Index was unchanged at 48.4, its first month of stability since February and level with the same period a year earlier. Europe was largely unchanged, though Sweden rose 3.5 points and the Netherlands 2.8. No country showed a notable decline there. In Asia-Pacific, Malaysia, down 2.8 points, was the only country with a significant change.

India's Consumer Sentiment Sub-Indices: Employment Leads the Rebound

Three of India's four sub-indices improved in September. Employment rose 3.7 points, current personal financial conditions rose 2.3 points and investment rose 1.7 points. Economic expectations slipped 0.3 points. In August, all four had fallen: employment by 3.1 points, current conditions by 1.8, investment by 1.6 and economic expectations by 1.1.

What Ipsos India Says About the Consumer Confidence Rebound

Suresh Ramalingam, CEO of Ipsos India, said: "September's rebound in consumer confidence suggests that the weakness observed in August was temporary rather than structural. Consumer sentiment remains anchored by strong macroeconomic fundamentals, including healthy GDP growth, relative price stability, improving infrastructure, and a policy environment that has fostered economic continuity. The fact that India remains the highest-ranked market globally on consumer confidence underscores the extent to which households continue to view the domestic economy as resilient despite ongoing global volatility."

He added: "The improvement in consumer sentiment in September points to the underlying resilience of the Indian consumer. What is particularly encouraging is that the rebound is being led by stronger confidence in employment prospects, personal finances and investment intentions, which are often reliable indicators of future consumption activity. While consumers remain somewhat measured in their expectations about the broader economy, the overall trend suggests that the weakness witnessed in August was temporary in nature. Supported by robust economic growth, a stable macroeconomic environment, moderating inflation and sustained policy continuity, Indian households are demonstrating renewed confidence in their financial well-being and spending outlook."

Ipsos Consumer Confidence Survey Methodology

The survey was run on Ipsos' Global Advisor online platform, and results are first reported each month by LSEG as the Primary Consumer Sentiment Index. India's sample is 1,000 or more adults aged 18 and above.

Ipsos said samples in India and several other countries are more urban, more educated or more affluent than their general populations, so the results reflect the more "connected" segment. A sample of 1,000 has a credibility interval of plus or minus 3.5 percentage points.

Significant changes are 0.5 points for the global index and 2.0 points for individual countries. The global index is the average of all surveyed countries' national indices and is not adjusted for population size.