Festive demand coupled with GST reforms 2.0 boosted consumer sentiments in India during the month of October, as per LSEG-Ipsos Primary Consumer Sentiment Index which measures consumer confidence across 30 countries every month.
Among the 30 countries surveyed, Indonesia held the highest National Index score at 58.8, reflecting a strong monthly gain of +6.5 percentage points in consumer sentiment. India ranked second with a National Index score of 58.4, marking an increase of +1.4 points over the previous month.
“India’s consumer sentiment saw an uptick of +1.4 percentage points in October 2025, driven by the onset of the festive season and recently introduced GST reforms aimed at easing the indirect tax burden,” Ipsos said in a release.
The Ipsos study said that the measures taken by the government to ease tax burden for consumers have enabled more household savings and increased capacity for discretionary spending.
“These factors have collectively led to a positive movement in India’s National Index score, reflecting broader optimism around jobs, personal finances, investments and the economy,” it said.
The study found consumer sentiment largely positive across the Asia-Pacific. Indonesia saw the highest gain, with a rise of 6.5 percentage points. Thailand followed with an increase of 3.6 points, South Korea with 2.6 points, Malaysia with 2.1 points, and India with 1.4 points. In contrast, Australia and Japan experienced declines in consumer sentiment, falling by 2.1 and 2.0 percentage points, respectively.
In Latin America, the picture was mixed. Argentina showed the largest drop in sentiment globally, with a decline of 3.5 percentage points, followed by Colombia at -3.1 points. Brazil, however, registered a significant increase of 2.2 points.
The Global Consumer Confidence Index, which is calculated as the average of all surveyed countries’ national indices, reflects the overall level of consumer confidence worldwide.
Elucidating the findings of the LSEG-Ipsos Primary Consumer Sentiment Index, Suresh Ramalingam, CEO, Ipsos India, said: “From late September through October, India has been in a celebratory mood, with a host of festivals, creating a feel-good atmosphere across the country. The festive season seems to have spurred consumer spending, reflecting the spirit of celebration. The festive fervour, combined with the government’s recent GST reforms aimed at reducing the cost of living and enhancing household savings, appears to have provided a further boost to consumer sentiment.”
He noted that despite challenging global macroeconomic conditions, Indian consumers have remained upbeat.
