Consumer confidence takes a hit due to a weak economy

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Shopping mall. (File Photo: IANS)
Shopping mall. (File Photo: IANS)

High fuel prices, global trade tensions and bleak job scenario pulled down Consumer Confidence by 6.6 percentage points in October over the last month, a Thomson Reuters-Ipsos PCSI Survey said on Thursday.

Consumer Confidence measured by Primary Consumer Sentiment Index (PSCI) is indicative of the consumer attitudes on the current and future state of local economies, personal finance situations, savings and large investments.

“Rise in fuel prices, crumbling stock market, trade wars between the US and China (sadly, India has not been insulated), financial scams in repayment for large banks, have all had a domino effect and led to drop in overall consumer sentiment, particularly for Current Personal Financial Conditions,” said Parijat Chakraborty, Executive Director, Ipsos Public Affairs.

The survey attributed the reasons to the consumers being worried about personal finances, savings and investments and their concern for job opportunities and performance of the economy.

According to the survey, “These are findings of an Ipsos online poll conducted (from) September 21 to October 5. For this survey, a sample of 500 adults from Ipsos’ India online panel aged 16-64 was interviewed online.

“As this is an online poll in India, representative of the online community in the country, it is not reflective of the general population. However, the online sample is particularly valuable in its own right as they are more urban, educated and have more income than their fellow citizens and often referred to as ‘Upper Deck Consumer Citizen’ or Primary Consumers.”