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NEW DELHI: Consumer sentiment among urban Indians dipped in July after showing improvement in June, according to the monthly India Refinitiv-Ipsos Primary Consumer Sentiment Index released Friday.

Consumer sentiment for India dropped  0.6 percentage points in July. “In fact, we are seeing a dip across all the four sub-indices," Ipsos said in a note. 

Ipsos conducted an online poll between 24 June and 8 July. A sample of 500 adults from Ipsos’s India online panel aged 16-64 years were surveyed.

PCSI is a monthly national survey of consumer attitudes on current and future state of local economies, personal finance situations, savings and confidence to make large investments. The monthly PCSI is driven by the aggregation of the four weighted sub-indices.

The survey findings show that confidence around the economy has been hit the hardest which is driving down overall consumer confidence.

The PCSI expectations sub index was down 1.4 points; while the investment climate sub-index was down 0.7 percentage points; the PCSI current personal financial conditions sub-index has dipped 0.4 percentage points and the PCSI jobs sub-index is declined 0.2 percentage points, over the previous month.

“Global slowdown is impacting most economies and India too is not insulated being the world’s 6th largest economy, as there are the looming inflationary conditions due to the prolonged Ukraine war which have impacted fuel prices and cost of living, despite measures by government to ease it for consumers," said Amit Adarkar, CEO, Ipsos India.

Adarkar added that while inflation seems to have eased in June, it was yet to show a significant decline.

“Consumer confidence has yoyo-ed in the April-June quarter in the absence of clear direction. The actual impact on consumer demand in the quarter may have been muted as most consumer goods marketers absorbed the input price increase impact through cost engineering and downgrading pack sizes while maintaining price lines. The September quarter will be extremely crucial as consumer sentiment could swing either way and that could set the trend for the festival season and rest of the fiscal year," he added.

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