With No Rise In Income, Indians Spent More In 2017
What do Indians think about the way Indian economy is progressing? According to the Reserve Bank of India’s Consumer Confidence Survey conducted across six metro cities, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai, the citizens feel that the economic situation of the country would get better in the future. The survey, for the year 2017, studied the perception Indians have about the general economic situation, employment, prices and their own income and spending cycles.
Here are the takeaways from the survey:
While 36.8 per cent people, who took part in the survey, felt that the current economic situation improved in the previous year, 25.8 per cent felt that it remained the same. However, 37.4 per cent felt that the economic situation worsened.
In a year’s time, 54.4 per cent people say that the situation would be better while 22.7 per cent feel it will be just the same and 22.9 per cent maintain that the situation would worsen.
Over 89 per cent people pointed out that prices have increased while only 7.1 per cent felt that it had remained the same while three per cent say prices have decreased. Going forward, that is, in a year’s time, 80.1 per cent people still maintain that prices will continue to increase while 12.4 feel it will remain the same. A small group of people, that is, 7.5 per cent feel prices will go down.
The trend has prevailed over the last few years as the survey held in 2016 also show that 73.9 per cent people had felt that prices have increased.
A majority, 50.7 per cent people feel that their income has remained unchanged during the year. However, 25.2 per cent feel that their income has increased and the remaining 24.1 per cent feel that it has actually decreased. In a year’s time, 50.7 per cent feel that their income will increase while 39.1 per cent of participants felt it will remain the same. About 10.3 per cent of those surveyed feel that their income might actually go down.
Given that prices have increased, spending has increased, too, say 83.9 per cent people while 14.3 feel it has remained the same. Only 1.8 per cent people feel that spending has decreased. Do note that 85.2 per cent feel that spending has gone up for essential items while 51.1 per cent people feel that spending on non-essential items has increased.