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Just earlier than the festive season in November, consumer confidence remained steady, in keeping with the November 2023 version of the Reserve Bank of India’s bi-monthly Consumer Confidence Survey. While the pessimism associated to the present common financial state of affairs and employment was greater in comparison with the earlier spherical, it was offset by a constructive sentiment on present income. The survey gathers the views of households in relation to the earlier yr, specializing in the overall financial local weather, employment situations, value traits, and particular person income and expenditures throughout 19 main cities. The most up-to-date iteration of this survey happened between November 2 to 11, 2023, with 6,082 contributors. Female respondents fashioned 52.8% of the pattern. In November 2023, 33.1% of the respondents stated that the overall financial state of affairs had improved in comparison with a yr in the past (Chart 1). This was the best for any November since 2019. However, it had slipped by three share factors from 36.1% in September 2023. Levels of pessimism concerning the financial system are additionally on the lower. In November 2023, solely 44.4% stated that the financial state of affairs had worsened in comparison with a yr in the past — the bottom for any November since 2017. However, those that felt the financial system had worsened continued to be greater than those that felt it had improved.
Chart 1 | The chart plots respondents’ views on the overall financial state of affairs in comparison with the yr earlier.
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In November 2023, 32.3% stated job alternatives had improved in comparison with a yr in the past. While that is the best for any November since 2019, it had dropped from 34% in September 2023 and was solely marginally greater than 31.8% a yr in the past (Chart 2). Pessimism about job alternatives has additionally proven a decline. In November 2023, 44.7% stated their employment levels had worsened in comparison with a yr in the past — the bottom for any November since 2017.
Chart 2 | The chart plots respondents’ views on the employment state of affairs in comparison with the yr earlier.
In the survey month, 91.3% of respondents stated the value levels of commodities had elevated in comparison with a yr in the past (Chart 3). The share of such respondents has been greater than 90% since March 2021, or 17 consecutive survey months. The determine was decrease when in comparison with November 2022 (94.9%) and 2021 (95.1%).
Chart 3 | The chart plots respondents’ views on value levels of commodities in comparison with the yr earlier.
About 27% of the respondents stated their income levels had improved in comparison with a yr in the past throughout the survey interval (Chart 4). The share of such respondents is the best since July 2019. It can be the best for any November since 2019. Pessimism about income levels can be lowering. In November 2023, 22.7% additionally stated their income levels had worsened in comparison with a yr in the past — the bottom for any November after 2018.
Chart 4 | The chart plots respondents’ views on income levels in comparison with the yr earlier.
In November 2023, 74.8% stated their spending levels had elevated in comparison with a yr in the past — on the identical stage as November 2022 (74.9%). The determine has remained across the identical stage in all of the survey months for the reason that previous yr. For the second consecutive November, the share of such respondents has endured above the 70% mark (Chart 5).
Chart 5 | The chart plots respondents’ views on spending levels in comparison with the yr earlier.
So, pessimism concerning the common financial state of affairs, employment alternatives and income levels has proven a declining pattern. The next share of respondents stated that income levels have improved. However, a excessive share of respondents proceed to really feel that the value stage of commodities is greater than a yr in the past.
Source: Reserve Bank of India’s Consumer Confidence Survey
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