RBI data shows decline in consumer confidence

Reserve Bank of India released the results of July 2024 round of its bi-monthly consumer confidence survey (CCS) today. The survey collects current perceptions (vis-?-vis a year ago) and one year ahead expectations of households on general economic situation, employment scenario, overall price situation, own income and spending across 19 major cities. The latest round of the survey was conducted during July 2-11, 2024, covering 6,062 respondents. Female respondents accounted for 54.4 per cent of this sample.

RBI noted that consumer confidence for current period declined for the second consecutive survey round after prolonged rising trend in the post-Covid period; their sentiments on major parameters, except spending, moderated and, as a result, the current situation index (CSI) declined to 93.9 in July 2024 from 97.1 two months earlier.

Households' optimism on economic conditions for the year ahead remained in positive terrain, though it came down from the previous survey round; lower optimism on general economic situation, employment and prices led to 4.1 point moderation in the future expectations index (FEI) to 120.7 in July 2024. Sentiments on current employment situation and own income deteriorated for the second consecutive survey round; the outlook for both these parameters also moderated within the zone of optimism.

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