Consumer confidence drops in Sept as worry over savings, investment rises

Consumer confidence declined in September due to worries about savings, investment and personal finances for household expenses, says a survey.

The Consumer Confidence Index plummeted 6.6 percentage points as consumers were worried about various factors such as personal finances for day to day running of the household, savings and investments, said Indian Primary Consumer Sentiment Index (PCSI) for the month of October.

Besides, there are concerns over job opportunities and performance of the economy, it added.

According to the report, its Employment Confidence sub-index is down 4.3 points, Economic Expectations sub index is also 3.9 points over last month.

While Investment Climate sub-index is down 8.8 points and the Current Personal Financial Conditions is down 8.9 percentage points, it added.

"Rise in fuel prices, crumbling stock market, trade wars between the US and China, financial scams in repayment for large banks, have all had a domino effect and led to drop in overall consumer sentiment, particularly for Current Personal Financial Conditions" said Ipsos Public Affairs Executive Director Parijat Chakraborty in a statement.

These are findings of an Ipsos online poll conducted September 21, 2018 - October 5, 2018. For this survey, 500 adults from Ipsos' India online panel aged 16-64 were interviewed online.