Consumer confidence has declined due to increased corona infection in the country. This information is obtained from Reserve Bank of India (RBI) Survey. According to the survey, the Consumer Confidence Index fell to 53.1 in March, up from 55.5 in January. This decline in consumer confidence has been mitigated by the rise of the corona transition, the economy is weak, employment, income and inflation are expected to rise.
Lack of confidence in the future
According to the survey, consumer confidence about the future has also declined, and it has fallen from 117.1 to 108.8. The RBI index shows the strengths and weaknesses of consumers’ trust in the market and government. An optimistic trend when the index is over 100 and a pessimistic trend when it comes.
So, Bhuris stunned again
This loss of confidence is due to the rapid growth of the economy, rising unemployment rates and fears that the corona transition will deteriorate after income declines. However, the people involved in the survey are completely optimistic about the next one year.
By reducing revenues and increasing expenses, they are troubled
Survey respondents said their income was down amid the corona crisis. At the same time, their spending has increased because of inflation. They are cutting a lot of costs but the trouble is not ending. According to the survey, consumers are facing an increasing inflation crisis in the future.
The RBI agreed that inflation would increase
In the first financial review of the current financial year, the RBI has stated that inflation will increase. The RBI recorded 5.2 per cent growth in the first quarter of 2021-22, 5.2 per cent in the second quarter of 2021-22 and 4.4 per cent in the third quarter of 2022. This means that inflation hurts people the most. This further weakens the status of the general consumer.
The survey was conducted in 13 cities
The RBI’s survey was conducted in 13 large cities from February 27 to March 8. Consumers involved in the survey on current economic conditions, job creation, inflation and income and spending issues knew their perception and expectation.
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