Festive cheer: Urban consumer confidence at seven-year peak | Data Premium
The Hindu
Urban consumers enter 2023 festival season w/ more confidence than 7 years ago. RBI's Consumer Confidence Survey finds 36% of respondents say general economic situation improved, 25% say income improved, & 91% say price levels of commodities increased. FEI hit highest level in 4 years.
A relatively high share of urban consumers entered the 2023 festival season with more confidence than seven years ago. The conclusion is based on the September 2023 edition of the Reserve Bank of India’s Consumer Confidence Survey.
The survey gathers the present views of households in relation to the previous year, focusing on the general economic climate, employment conditions, price trends, and individual income and expenditures across 19 key cities. The most recent iteration of this survey took place from September 2 to 11, 2023, with 6,077 participants; 50.3% of them were female respondents.
In September 2023, the start of the festival season in India, 36% of the respondents said the general economic situation had improved compared to a year ago — the highest for any September after 2016. While confidence in the economy is at a seven-year high, levels of pessimism about the economy are at a six-year low. In September 2023, only 44% said that the economic situation had worsened compared to a year ago — the lowest for any September after 2017. However, those who felt the economy worsened continued to be more than those who felt it had improved.
Chart 1 | The chart plots respondents’ views on the general economic situation for every September since 2012.
Chart appears incomplete? Click to remove AMP mode
In September 2023, 34% said their employment opportunities had improved compared to a year ago — the highest for any September after 2018. Pessimism about job opportunities was also low. In September 2023, 44% said their employment levels had worsened compared to a year ago — the lowest for any September after 2017. However, more respondents continued to report that their employment opportunities had worsened than those who said it had improved.
Chart 2 | The chart plots respondents’ views on employment opportunities every September since 2012.
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