Consumer confidence hits new low, says RBI survey

82% of respondents feel job situation has worsened in the aftermath of the pandemic

Devastated by the second wave of COVID-19, consumers’ confidence has dipped to a new low in the country and 81.4% of respondents have said that the general economic situation has ‘worsened’, said a new survey by the Reserve Bank of India. As the pandemic continued to adversely hit lives and businesses across the country, 82.1% of the respondents said the employment situation has ‘worsened.’ The RBI released the results of the May 2021 round of its Consumer Confidence Survey to understand perceptions and expectations on general economic situation, employment scenario, and overall price situation by conducting telephonic interviews with 5,258 households across 13 major cities, including Bengaluru, from April 29 to May 10.