India ranked fourth among 30 countries in the February 2026 LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), recording a National Index score of 56.4. Despite holding a relatively strong position globally, overall consumer sentiment in India declined by 4.3 percentage points compared to the previous month, reflecting a broad-based moderation across all measured sub-indices.
The survey, conducted between January 23 and February 6, 2026, covered more than 21,000 adults across 30 countries. Indonesia led the global rankings with a score of 62.4, the only market to exceed the 60-point mark. Malaysia followed at 59.8 and Thailand at 57.0, with India at 56.4 and Singapore at 56.3. Turkey recorded the lowest score among all surveyed markets at 34.6.
Within India, the Economic Expectations Sub-Index registered the sharpest fall, dropping 7.4 percentage points, while the Employment Sub-Index declined by 7.3 points. Current Personal Financial Conditions eased by 3.8 points and the Investment Climate Sub-Index fell by 3.1 percentage points, indicating tempered risk appetite among consumers.
Across the 30 economies measured, four countries showed significant gains in consumer sentiment while four others recorded notable declines.
The PCSI has been tracking consumer attitudes on economic conditions, personal finances, savings, and investment confidence on a monthly basis since 2010. India's sample for this edition comprised approximately 2,200 individuals drawn from urban centres across social-economic classes A, B, and C in metros and tier 1 to 3 towns across all four regions of the country.
LSEG is a global provider of financial markets infrastructure and data, serving more than 40,000 customers across 170 countries. Ipsos is among the world's largest market research firms, operating in 90 markets with over 20,000 employees.