MAM
India maintains highest national index score despite April 2024 consumer sentiment drop: LSEG-Ipsos PCSI survey
Mumbai: India continues to sit at the top of the consumer confidence index with the highest national index score of 67.0, despite a 5.0 percentage point drop in overall consumer sentiment index in April 2024, according to the LSEG Ipsos primary consumer sentiment index (PCSI).
Among the 29 countries, India (67.0) and Indonesia (65.1) remain the only countries with a National Index score of 60 or higher.
Ten other countries now show a National Index above the 50-point mark: Mexico (59.8), Thailand (57.6), the Netherlands (54.8), Singapore (54.6), Sweden (54.5), the U.S. (53.4), Brazil (53.3), Poland (50.3), Great Britain (50.2) and Australia (50.1).
In contrast, just three countries show a National Index below the 40-point mark: South Korea (39.6), Türkiye (36.8), and Hungary (33.2).
Each month, Ipsos tracks attitudes of consumers in 29 markets on the current and future state of their local economy, their personal financial situation, the employment climate, and their purchasing and investing confidence.
Consumer sentiment lowers in April 2024 for India
The overall or national index has experienced a drop of 5.0 percentage points in April 2024 for India. Further, consumer sentiment has fallen across the 4 sub indices (the PCSI is an aggregation of four weighted sub-Indices) – the PCSI Employment Confidence (“Jobs”) Sub- Index, is down 6.3 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is down 6.6 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index is down 6.5 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index has a minor drop of 1.5 percentage points.
Summarizing on the findings of the survey, Ipsos India CEO Amit Adarkar said, “India continues to show the highest national index score of 67.0 percentage points despite the drop in consumer sentiment this month. There is lowering of consumer sentiment overall and largely driven by lowering of sentiment for personal finances, investments, jobs and the economy. Consumers are experiencing financial crunch for not only day-to-day running of households but also for savings and investments. We see downgrading of confidence for jobs. End of the financial year for a lot of companies would mean freeze on hiring by India Inc. And it should pick up in May/ June. Further, around this time, the tax burden increases on personal incomes, tightening the tight rope for discretionary spends. Also, it is election time in India. For 2 months no course correction or sops are likely to be announced by the incumbent government.”
Sentiment is largely up throughout Europe. Sweden (+3.6 points), Great Britain (+3.1 points), France (2.8 points), and Spain (+2.5 points) all show significant gains this month. For Sweden, this month’s reading is the country’s highest in nearly two years.
In contrast, sentiment is more mixed in other regions. In the Asia-Pacific region, consumer confidence is up in Thailand (+2.1 points), while India (-5.2 points) shows the largest decline of any country. In Latin America, Argentina (+3.7 points) shows the largest increase among all countries, while sentiment declined sharply in Brazil (-3.5 points).
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 22 March and 4 April 2024.
MAM
Ameya Velankar steps down as Uber’s head of marketing for India & South Asia
Veteran marketer exits after more than seven years with the ride-hailing giant.
MUMBAI: After more than seven years of steering Uber through the bumpy roads of India’s mobility market, Ameya Velankar has decided to change lanes. Ameya Velankar has stepped down as Head of Marketing for India and South Asia, marking the end of a significant chapter at the ride-hailing company. He had been with Uber since 2019, taking on multiple roles in product and category marketing before rising to lead the marketing function for the region in 2021.
During his tenure, Velankar played a key role in strengthening Uber’s positioning in one of its most competitive and dynamic markets. He helped drive localised marketing strategies and scale adoption across key offerings such as Auto, Moto, Rentals and Intercity, tailoring global platforms to Indian consumer needs.
Prior to joining Uber, Velankar built his marketing expertise at leading consumer companies including SC Johnson and Marico, where he handled category and product leadership roles. His career began at RPG Enterprises.
Details of his next professional move have not been disclosed.
In a fast-evolving mobility landscape where brands constantly battle for attention, Ameya Velankar helped Uber stay relevant and resonant with millions of Indian users. As he moves on from the driver’s seat of marketing, the company will now look for fresh ideas to keep its wheels turning smoothly.
