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The Impact of COVID-19 Pandemic on Consumer Confidence in India

Summary:
Aditya Mishra, Roshin Paul P and Tushar B. Das of RBI in the Jan-22 Bulletin article analyse the impact of pandemic on consumer confidence index. The authors work at Division of Household Surveys, Department of Statistics and Information Management, which looks quite interesting. Most countries witnessed a gradual uptick in consumer confidence after the major slump encountered when the Covid-19 pandemic first hit their shores, though it is yet to return to pre-pandemic levels in most countries. This article analyses the impact of the pandemic on consumer confidence in India, as gauged by the Reserve Bank’s Consumer Confidence Survey (CCS). Highlights: The pandemic severely dented consumer confidence in India, with sentiments of households across strata influenced by the spread of

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Aditya Mishra, Roshin Paul P and Tushar B. Das of RBI in the Jan-22 Bulletin article analyse the impact of pandemic on consumer confidence index. The authors work at Division of Household Surveys, Department of Statistics and Information Management, which looks quite interesting.

Most countries witnessed a gradual uptick in consumer confidence after the major slump encountered when the Covid-19 pandemic first hit their shores, though it is yet to return to pre-pandemic levels in most countries. This article analyses the impact of the pandemic on consumer confidence in India, as gauged by the Reserve Bank’s Consumer Confidence Survey (CCS).

Highlights:

    • The pandemic severely dented consumer confidence in India, with sentiments of households across strata influenced by the spread of infections and fatalities.
    • Sentiments of consumers in severely impacted cities were more affected as compared to that for respondents in other cities.
    • While consumers remain concerned about the current situation, their expectations for the year ahead may portend confidence in economic recovery after subsidence of the pandemic.

It will be interesting to see whether the pandemic had any long term impact on consumer confidence and habits..

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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