The Reserve Bank released the results of the May 2020 round of its Consumer Confidence Survey (CCS). It noted that Consumer confidence collapsed in May 2020, with the current situation index (CSI) touching historic low and the one year ahead future expectations index (FEI) also recording a sharp fall, entering the zone of pessimism. The Consumer perception on the general economic situation, employment scenario and household income plunged deeper into contraction zone while expectation on general economic situation and employment scenario for the year ahead was also pessimistic. Overall consumer spending remained afloat, mostly due to relative inelasticity in essential spending; consumers, however, reported sharp cuts in discretionary spending and also do not expect much improvement in the coming year.
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