Consumer confidence plunges and people pessimistic: RBI survey


Published On: Thursday, June 4, 2020 | By:

Consumer confidence plunges and people pessimistic: RBI survey

Consumer confidence collapsed in the month of May, and the expectation for the next year is that of pessimism for Indian households, survey results of the Reserve Bank of India (RBI) shows. RBI did not yet release the Industrial Outlook Survey, which had showed ‘stark pessimism’ in sentiment for the manufacturing companies who were expecting a very sharp deterioration in sentiments across all sectors for the just-concluded fourth quarter, and the current first quarter. The Consumer Confidence Survey was conducted in 13 major cities between May 5-17 through telephonic interviews because of the nationwide lockdown. A total of 5,300 households participated in the survey.

The RBI said the current situation index (CSI), has touched a historic low and the one year ahead future expectations index (FEI) also recorded a sharp fall, “entering the zone of pessimism.”

“Consumer perception on the general economic situation, employment scenario and household income plunged deeper into contraction zone …; while expectation on general economic situation and employment scenario for the year ahead were also pessimistic,” RBI Consumer Confidence Survey showed.

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