Marking a substantial rebound from the depths experienced during the COVID-19 pandemic, Index of Consumer Sentiments has reached its highest point since at least March 2019.

Compiled by the Centre for Monitoring Indian Economy (CMIE), the index grew by 5 per cent to 110.9 in April 2024 as compared to April 2019. While rural consumer sentiment reached its highest level since 2019, urban sentiment dipped to a seven-month low. Consumers earning between Rs 1 lakh ($1,198.48) and Rs 2 lakh ($ 2,396.95) annually witnessed an 8.3 per cent increase in consumer sentiment compared to 2019.

However, consumer sentiment for the lowest earners declined by 3.4 per cent in April 2024 compared to April 2019. Similarly, those earning between Rs 2 lakh ($ 2,396.95) and Rs 5 lakh ($ 5,992.38) per annum, as well as those earning Rs 5-10 lakh ($5,992.38 – $11,984.76), experienced dips of 2 per cent and 3 per cent respectively. Earning over Rs 10 lakhs ($11,984.76) annually, the highest income group saw a difference of 12.5 per cent in consumer sentiment. Suggesting cautious optimism, nearly 27.92 per cent of households anticipate improved conditions for their families in the coming year.