Covid Impact: Consumer sentiment in urban India slumps in April

New Delhi, April 15 Amid the coronavirus crisis and the nationwide lockdown, the consumer sentiment among urban Ind in April 2020 has dropped by 3.8 percentage points over March according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI).

An Ipsos report said that consumer sentiment is downbeat across all four indices of jobs, economy, personal finances and investment for future.

As per the report, while the PCSI Employment Confidence Sub-Index is down by 2.5 percentage points, the PCSI Economic Expectations Sub Index has dropped by 2.2 percentage points.

Further, the PCSI Investment Climate Sub-Index has plummeted by 6.0 percentage points and the PCSI Current Personal Financial Conditions Sub-Index has dipped by 5.8 percentage points, over the previous month.

"The long drawn Covid-19 crisis and the complete lockdown have impacted urban Ind' sentiment, further worsened by a huge amount of uncertainty about the future. The consumer sentiment has taken a substantial beating in comfort with personal finances and allocating money for future investments," said Amit Adarkar, CEO, Ipsos India.

He noted that there is an anxiety, which is leading to downbeat sentiments. Further, it is still unknown when the ordeal will end, Adarkar added.

"The recently-announced lock down extension will certainly worsen this sentiment. After the lockdown is lifted, it will be critical for people to feel confident to loosen their purse strings, to spend or to invest," he said.

( With inputs from IANS )