Consumer sentiments are turning out to be very sticky at the low levels they fell to after the lockdown was imposed in April 2020. Most economic indices have bounced back to the pre-lockdown levels or close to those levels. But, consumer sentiments refuse to spring back. The lockdowns seem to have delivered a knock-out punch here.
CMIE’s index of consumer sentiments in July 2021 was 45 per cent lower than in March 2020. The despair reflected by this steep fall cuts across rural and urban regions. Rural sentiments were down by 44 per cent and urban had tanked much more,
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