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What is Consumer Confidence Index?
In India, ZyFin Consumer Outlook Index (COI), developed by Dr. Sam Thomas, Ph.D. and Debopam Chaudhuri, Chief Economist at ZyFin, is the monthly index of consumer sentiment. It is designed to provide robust insight into the Indian economy. The survey takes place once a month in 11 cities questioning 3000 consumers.
Latest Updates on Consumer Confidence Index
More respondents see inflation rise over one year
While the economy is expected to slow this year as a result of the cumulative impact of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to tame inflation
The 'future expectations index', which judges consumer sentiment for the upcoming 12 months, also improved to its highest since mid-2019, the survey showed
The results of the September 2023 round of its bi-monthly survey were released alongside the monetary policy review
The company expects that the government's push towards raising rural incomes will result in a growth in rural consumption which the company is likely to benefit from
The Reserve Bank of India conducts Consumer Confidence Survey (CCS) and Industrial Outlook Survey (IOS) to make such informed expectations
The survey also covered employment scenarios, overall price situation and own income and spending from 5,387 households across these cities
The Consumer Confidence Indices are released by the RBI every two months. This indicator is the result of a large-scale survey on people's financial health and their plans. Find out more about it here
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The findings are based on an Ipsos online poll conducted September 4, 2021 - October 8, 2021
The reasons for the pessimism were deteriorating sentiments on general economic situation, income and prices, the RBI said. The current situation index had hit a record low of 49.9 in September
Consumers reported sharp cuts in discretionary spending and also do not expect much improvement in the coming year, the RBI survey said
The drop coincides with a deepening slowdown in Asia's third-largest economy and increased worries about employment
Rise in fuel prices, crumbling stock market, trade wars between the US and China, financial scams in repayment for large banks, have all had a domino effect and led to drop in overall consumer sentime
India's index slips six points on inflation and monsoon worries
At 134, India's score is the highest since the first half of 2007, when it was 135