India tops global consumer confidence at 66.6 in May 2026, only nation above 60
Synopsis
India is not just leading the global consumer confidence table — it is lapping the field. With a PCSI score of 66.6 in May 2026, it is the only surveyed market above 60, while Turkey languishes at 35.6. The optimism is real but uneven: investment confidence is rising even as employment anxiety quietly deepens, a tension that could define India's consumption story in the second half of 2026.
Key Takeaways
India scored 66.6 on the LSEG-Ipsos PCSI in May 2026 , up 0.4 percentage points from April.
India was the only country to cross the 60-point mark ; Malaysia and Indonesia followed at 56.7 each.
The Investment sub-index rose 1.7 percentage points ; Current Personal Financial Conditions gained 1.2 percentage points .
The Employment sub-index fell 1.5 percentage points , reflecting concerns over AI disruption and corporate cost-cutting.
Turkey was the weakest market at 35.6 ; France scored 39.3 and Japan 37.8 .
Ipsos India CEO Suresh Ramalingam flagged fuel price increases and Strait of Hormuz tensions as near-term risks to household budgets.
India retained its position as the world's most confident consumer market in May 2026, recording a National Index score of 66.6 on the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) — up 0.4 percentage points from April and the highest among all surveyed markets, according to an analysis by Ipsos released on Thursday, 28 May. Notably, India was the only country to cross the 60-point threshold during the month, underscoring the scale of its lead over peers.
How India Compares Globally
Malaysia and Indonesia followed in second place with scores of 56.7 each, while Sweden stood at 55.4. Brazil and Mexico recorded scores of 52.3 and 51, respectively. At the lower end of the rankings, France scored 39.3, Japan stood at 37.8, and Turkey remained the weakest market at 35.6. The gap between India and the next cluster of nations reflects a sustained divergence that has persisted across multiple months.
What Is Driving the Improvement
India's marginal gain in overall sentiment was underpinned by stronger confidence in personal finances and investments. The Current Personal Financial Conditions sub-index rose by 1.2 percentage points, while the Investment sub-index climbed 1.7 percentage points. The Economic Expectations sub-index remained broadly stable, edging up just 0.1 percentage points.
Employment Concerns Cast a Shadow
Not all indicators moved in the same direction. The Employment sub-index declined by 1.5 percentage points, signalling rising anxiety around job security. Suresh Ramalingam, CEO of Ipsos India, attributed this to AI-led disruption and corporate cost-cutting measures triggered by geopolitical tensions in West Asia. He cautioned that recent fuel price increases could strain household budgets and stoke inflationary pressures in the months ahead.
Geopolitical Risks on the Radar
Ramalingam noted that consumer sentiment remained resilient partly because the government took cautious steps to shield citizens from risks linked to rising crude oil prices, the evolving situation around the Strait of Hormuz, and a weakening rupee. This comes amid broader global uncertainty, with several major economies recording sub-40 sentiment scores — a stark contrast to India's reading. Despite headwinds, consumers continued to express optimism about personal finances, investments, and India's broader economic outlook, he added.
About the LSEG-Ipsos PCSI
The monthly Ipsos PCSI tracks consumer sentiment across four pillars: personal finances, economic expectations, employment, and investment outlook. It is widely regarded as a leading indicator of consumption trends and broader economic confidence across participating markets.
Point of View
But the Employment sub-index decline deserves more attention than it typically gets. A 1.5-point drop in job-security sentiment — attributed to AI disruption and West Asia-linked corporate belt-tightening — is an early warning that consumption optimism may not be evenly distributed across income brackets. The government's shielding of consumers from crude and currency volatility has bought time, but fuel price pass-throughs are already in motion. If employment anxiety deepens while inflation picks up, the gap between India's headline confidence score and ground-level household stress could widen fast.
NationPress
13 Jul 2026
Frequently Asked Questions
What is India's consumer confidence score in May 2026?
India recorded a PCSI score of 66.6 in May 2026, up 0.4 percentage points from April. It was the highest score among all surveyed markets and the only country to cross the 60-point mark.
What is the LSEG-Ipsos Primary Consumer Sentiment Index?
The LSEG-Ipsos PCSI is a monthly survey that tracks consumer sentiment across four pillars: personal finances, economic expectations, employment, and investment outlook. It is used as a leading indicator of consumption trends and broader economic confidence.
Which countries rank below India in the May 2026 PCSI?
Malaysia and Indonesia followed India with scores of 56.7 each, while Sweden stood at 55.4. At the bottom, France scored 39.3, Japan 37.8, and Turkey was the weakest at 35.6.
Why did India's employment sub-index fall in May 2026?
The Employment sub-index declined 1.5 percentage points, with Ipsos India CEO Suresh Ramalingam citing AI-led disruption and corporate cost-cutting linked to geopolitical tensions in West Asia as key drivers of rising job-security concerns.
What risks could weigh on India's consumer confidence in coming months?
Recent fuel price increases, a weakening rupee, rising crude oil prices, and the evolving situation around the Strait of Hormuz are the primary risks flagged by Ipsos India. These factors could pressure household budgets and add to inflationary concerns.
