MNI Indicators, part of Deutsche Borse, release data that sees consumer confidence in India at its highest level since February as consumers were increasingly confident that the government will be able to improve future economic growth and household incomes. A summary of the data is below and the full release is attached.
- The MNI India Consumer Sentiment Indicator rose 3.3% to 126.2 in June from 122.1 in May, as consumers’ expectations for the future improved markedly.
- Consumer sentiment improved in all age groups in June, for the first time in four months. Consumer confidence of the youngest group, who were the key support for the BJP in the general election, hit a record high in June.
- Respondents were more confident about their finances in the current month and were also more optimistic about better finances in the next 12 months. The percentage of respondents who reported that it was a “good” or “excellent” time to purchase a large household item fell to the lowest since September, in sharp contrast with the remaining components of the Consumer Sentiment Indicator which all increased in June.
- Consumers were increasingly confident about the current business climate and felt that business conditions over the short and long term would also improve, with expectations for next five years hitting a series high in June.
- The proportion of respondents who thought that the outlook for employment over the next 12 months would be better increased to the highest level in four months in June as consumers expected higher economic growth to generate more jobs.
- Consumers’ dissatisfaction with the current level of prices eased for the first time in six months in June, and expectations for inflation eased to the lowest for a year and a half.
- While general levels of confidence rose in June, consumers’ confidence about the real estate market fell for the fourth consecutive month.