Indian consumers remain cautiously optimistic in February 2026, according to the latest LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), showing resilience even as global macroeconomic headwinds temper expectations.
The survey, conducted on Ipsos’ Global Advisor online platform between 23 January and 6 February 2026, polled more than 21,000 adults under the age of 75 across 30 countries. India recorded a National Index score of 56.4, placing it fourth globally and signalling stronger confidence relative to many advanced economies. Only Indonesia surpassed the 60-point threshold this month with a score of 62.4, followed by Malaysia at 59.8, Thailand at 57.0 and Singapore at 56.3.
Despite ranking among the top markets, India saw an overall moderation in sentiment, with the National Index declining 4.3 percentage points month on month. The decline was broad-based across sub-indices, reflecting a generalised softening in expectations rather than a sector-specific slowdown.
The PCSI Economic Expectations Sub-Index showed the sharpest drop, down 7.4 points, signalling growing caution about the macroeconomic environment. Employment expectations fell by 7.3 points, suggesting increasing concerns over labour market conditions. Current Personal Financial Conditions eased by 3.8 points, indicating some pressure on household finances, while the Investment Climate Sub-Index declined by 3.1 points, pointing to tempered risk appetite among Indian consumers.
“This data highlights a clear shift toward caution in India’s consumer mood,” said Suresh Ramalingam, CEO of Ipsos India. “Sentiment has moderated across economic, employment and financial expectations, reflecting the impact of global headwinds on local outlooks. That said, India continues to demonstrate relative resilience. Compared to many advanced economies, optimism in India and across parts of the Asia Pacific remains structurally stronger. What this tells us is that consumers are watchful, not withdrawn. The fundamentals of confidence are intact, but expectations have become more measured in response to the broader macro environment.”
Across the 30 countries surveyed, 14 recorded National Index scores at or above 50, indicating broadly positive sentiment. Other notable markets include the United States at 53.8, the Netherlands at 53.6, Mexico at 53.3 and Brazil at 52.7. Türkiye remained at the lower end with a score of 34.6, the only market below the 40-point mark this month, highlighting comparatively weaker consumer sentiment.
Overall, the Global Consumer Confidence Index, representing the average of all surveyed countries, continues to reflect mixed trends, with four countries showing significant gains and four recording notable declines in February 2026. Analysts view India’s performance as a sign of structural resilience amid external uncertainty, particularly within the Asia Pacific region, where consumer optimism remains relatively high.
Even as Indian households exercise more caution, the data suggest that spending and investment decisions are adjusting to evolving global risks rather than being paused. Observers note that such measured confidence could support stability in domestic demand while limiting overheating in key sectors. |
