MAM
Consumer sentiment weakens in November 2023 for urban Indians – Refinitiv-Ipsos PCSI monthly survey
Mumbai: Consumer sentiment has weakened for urban Indians by 1.0 percentage points in November 2023, according to the Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for India.
The monthly PCSI result which is driven by the aggregation of the four, weighted, sub-indices, has slumped across all four sub-indices: the PCSI Economic Expectations (“Expectations”) Sub-Index is down 2.9 percentage points; the PCSI Employment Confidence (“Jobs”) Sub-Index has dipped 0.1 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has decreased 0.3 percentage points; and the PCSI Investment Climate (“Investment”) Sub-Index has fallen 1.0 percentage points.
Ipsos India CEO Amit Adarkar said, “Consumer sentiment has weakened over the previous month largely around the economy. The global sentiment is depressed because of the global economic slowdown and war in Ukraine and Israel. Though India has been showing a lot of resilience, it is not insulated from global macro conditions. Another reason could be the post festival gloom, as sentiment is down for personal finances and investments for savings and purchase of big-ticket items. Also being the fag end of the year, hiring and jobs are lowkey as establishments are focusing on wrapping up the financial year. Though inflation is under control for now, the central bank has flagged off fast rise in retail credit as a risk that could have future inflationary impact.”
Consumer Sentiment in 29 Countries
India is second highest on National Index.
Among the 29 countries, Indonesia (63.2) holds the highest National Index score this month. India (63.1), which held the highest score last month, and Mexico (60.8) are the only other countries with a National Index score of 60 or higher. For Mexico, consumer sentiment is at its highest point since tracking started in 2010.
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between 20 October and 3 November 2023.
How we did it
These findings are based on data from a monthly 29-country survey conducted by Ipsos on its Global Advisor online survey platform and, in India, on its IndiaBus platform. They are first reported each month by Refinitiv as the Primary Consumer Sentiment Index (PCSI).
The results are based on interviews with over 21,200 adults aged 18+ in India, 18-74 in Canada, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.
Since March 2023, Ipsos India has moved the survey from covering only netizens to include an expanded offline sample, using the Ipsos IndiaBus – 1800 offline sample + 400 online sample, covering 16 cities across the length and breadth of the country, scientifically chosen, from NCCS A, B & C. More representative of the urban population.
Ipsos IndiaBus is a monthly pan India omnibus (which also runs multiple client surveys), that uses a structured questionnaire and is conducted by Ipsos India on diverse topics among 2200+ respondents from SEC A, B and C households, covering adults of both genders from all four zones in the country. The survey is conducted in metros, tier1, tier 2 and tier 3 towns, providing a more robust and representative view of urban Indians. The respondents were polled face-to-face and online. We have city-level quota for each demographic segments that ensure the waves are identical with no additional sampling error. The data is weighted by demographics and city-class population to arrive at national average.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
