A relatively high share of urban consumers entered the 2023 festival season with more confidence than seven years ago. The conclusion is based on the September 2023 edition of the Reserve Bank of India’s Consumer Confidence Survey.
The survey gathers the present views of households in relation to the previous year, focusing on the general economic climate, employment conditions, price trends, and individual income and expenditures across 19 key cities. The most recent iteration of this survey took place from September 2 to 11, 2023, with 6,077 participants; 50.3% of them were female respondents.
In September 2023, the start of the festival season in India, 36% of the respondents said the general economic situation had improved compared to a year ago — the highest for any September after 2016. While confidence in the economy is at a seven-year high, levels of pessimism about the economy are at a six-year low. In September 2023, only 44% said that the economic situation had worsened compared to a year ago — the lowest for any September after 2017. However, those who felt the economy worsened continued to be more than those who felt it had improved.
