Non-essential spending by households to shrink further in 2021: RBI survey

More families expect general price rise in next one year

Consumer confidence remained low this November compared to a year-ago period and the non-essential spending is expected to contract further in 2021, according to a survey by the Reserve Bank of India (RBI).
 
Last month, the RBI conducted the Consumer Confidence Survey (CCS), covering over 5,300 households in 13 cities.
 
According to the survey, weak confidence could be attributed to consumer sentiment towards the general economic situation, the employment scenario, price levels, and household incomes.
 
Households remain optimistic about the situation one-year ahead, with the future expectations index (FEI) remaining in growth terrain. Respondents reported higher essential