Consumers see further rise in spending over one year, says RBI survey | Finance News

At the aggregate level, female respondents had marginally lower inflation assessment and expectations than their male counterparts

Reflecting momentum for robust growth, consumers expect a higher rise in overall spending over the next year compared to the previous survey round, according to the Reserve Bank of India’s (RBI) Forward Looking Surveys.

The results of the May 2024 round of RBI’s bi-monthly consumer confidence survey showed more respondents expect an increase in both essential and non-essential spending.

Consumer confidence for the current period paused on its uptrend as sentiments on all parameters, except spending, recorded some moderation. The current situation index (CSI) moderated to 97.1 in May 2024 from 98.5 two months ago.

For the year ahead, consumer confidence remained at an elevated level in the optimistic terrain. However, sentiments were relatively tempered on the general economic situation and employment prospects. The future expectations index (FEI) stood at 124.8 in May 2024, down from 125.2 in the previous survey round.

RBI’s Household Inflation Expectations Survey indicated that a higher share of respondents expected prices and inflation to rise for all major product groups over the next three months as well as one-year periods.

At the aggregate level, female respondents had marginally lower inflation assessment and expectations than their male counterparts.

First Published: Jun 07 2024 | 9:05 PM IST