Major consumer confidence index rises, India's domestic consumer demand will see growth

According to the monthly Refinitiv Primary Consumer Sentiment Index ( PCSI) , the urban consumer confidence index in India rose by 0.9 percentage points. The survey was conducted from January 22 to February 5, 2021, covering 500 Ipsos India online panelists aged 16-64.

The PCSI is composed of four sub-indices, among which the employment confidence sub-index rose by 1.5 percentage points , the current personal financial situation sub-index rose by 2.8 percentage points, the investment environment sub-index rose by 2.1 percentage points , and the economic expectations sub-index fell by 1.3 percentage points.

The Mainstream Consumer Sentiment Index ( Refinitiv / Ipsos ) refers to a monthly national survey of the attitudes of major consumers regarding current and future economic conditions , the state of personal finances , and confidence in saving and making major investments .

The rise in the consumer confidence index means that consumers are more optimistic about the future. According to the survey results, it can be concluded that India's unemployment rate is decreasing, wage levels are increasing, and business in various industries is recovering. This indirectly reflects that India's economy maintains a good growth and recovery trend.

For cross-border e-commerce sellers, the rise in the main consumer confidence index means that product sales will usher in growth. With the recovery of the Indian economy, the unemployment and salary cuts caused by the epidemic will be greatly improved, and the disposable income of Indian citizens will be greatly increased. Therefore, the consumption demand of citizens will also increase significantly.

In addition, in order to promote further economic recovery, the Indian government will also take a series of positive measures, both internally and externally, to stimulate domestic consumption while promoting exports, and vigorously drive domestic demand growth (the means of driving domestic demand growth include raising wages, giving local governments and enterprises more preferential policies and subsidies to promote price reductions of various products, etc.), which will also be conducive to the growth of sellers' sales.

India 's population base of 1.37 billion makes it a huge market. Affected by the epidemic, India's e-commerce platforms achieved rapid development in 2020, and the overall environment of the e-commerce market has become more standardized. This is also the time when India's economy is recovering. For cross-border e-commerce sellers, the Indian market is becoming more friendly, and sellers on the sidelines should seize the opportunity.

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