Consumer confidence across India continues to recover from the historic low recorded in mid-2021, though it remained in the pessimistic zone, according to the March 2023 round of the Reserve Bank of India’s (RBI) bi-monthly consumer confidence survey.

The current situation index (CSI) rose by 2.2 points on account of improved perception on general economic situation, employment and household income.

Households’ overall outlook for the year ahead remained in positive terrain despite marginally lower optimism.

With an uptick in current perception, the sentiments on employment are nearing the levels seen around mid-2019; consumers are also optimistic about the employment outlook as more than half of the respondents expect employment scenario to improve over the next one year.

Household assessment of inflation conditions improved for the current period reflecting more confidence on economic conditions; notwithstanding a marginal uptick in the latest round, inflationary expectations improved over their average level since September 2021.

Household spending was buoyant on the back of higher essential and non-essential spending; more than a third of the households expect a rise in non-essential outlay over the next year, RBI said in a release.

The survey was conducted during March 2-11, covering 6,075 respondents. Female respondents accounted for 52.3 per cent of this sample.

Fibre2Fashion News Desk (DS)

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