Millennium Post

Consumer confidence level jumps after four months of decline

The ANZ-Roy Morgan India Consumer Confidence survey showed a jump to 118.3 points, 8.2 points up month-on-month, in November after four consecutive months of decline. ‘The broad-based jump in consumer confidence is perhaps a nascent sign that a durable increase in optimism may now be falling into place in the country — a recovery in optimism that is certainly justified by improving growth and inflation fundamentals,’ ANZ chief economist for South Asia, Asean and Pacific Glenn Maguire said.

As many as 18.9 per cent of total respondents said their family is ‘better off’ now than a year ago, against 13 per cent in October, while the number of people saying their situation has deteriorated narrowed to 25.6 per cent from 36.2 per cent. As for the next 12 months, 42.7 per cent of those polled said they will be better-off financially in a year's time, up from 40.2 per cent in October.

People's confidence in macroeconomic conditions also seems to be increasing as 47.5 per cent said the country will have `good times' economically over the next 12 months, against 42 per cent in October.

For the next five years, 46.1 per cent people said the country will have `good times' financially, up from the 40.6 per cent in October, while the number of naysayers fell to 9.2 per cent from 12 per cent.

‘The five-year forward looking question clearly highlights that a Modi ‘feel good’ factor continues to support confidence,’ Maguire said.
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