Consumer confidence stays stable in RBI survey across 19 major cities

MUMBAI: Consumer confidence in the country for the current period remained stable as higher pessimism on the current general economic situation and employment was counterbalanced by a positive turnaround in sentiment on current income, according to an RBI survey released on Monday.

The RBI’s bi-monthly consumer confidence survey of the November 2023 round states that the current situation index remained unchanged at 92.2 from the previous consumer survey round.

Households’ assessment of current earnings reached its highest level since July 2019 and expectations for future income also improved further. However, consumers retained negative sentiments on both current and future price conditions, the survey states.

The survey collects current perceptions (vis-à-vis a year ago) and one year ahead expectations of households on general economic situation, employment scenario, overall price situation and own income and spending across 19 major cities.

Respondents remained fairly optimistic on the one year ahead prospects for general economic situation, employment, income and spending; the confidence on general economic and employment conditions were, however, a shade lower vis-à-vis the previous survey round, which led to a moderation of the future expectations index (FEI) within the positive terrain, the survey states.

The latest round of the survey was conducted during November 2-11, covering 6,082 respondents. Female respondents accounted for 52.8 per cent of this sample.