With the economic slowdown affecting the mood for hiring, expansion and salary hikes, consumers are in no mood to go beyond the necessities. Discretionary consumer spending seems set to stay low as a result, says a monthly survey across 11 major Indian cities.
The November survey by US-based Boston Analytics, which covered 7,500 respondents to fix the Boston Analytics Consumer Sentiment Index (BACSI) said the index fell 2.6 per cent from October to 81.8 from 84. The index value was set at 100 in January 2008.
Over the same period, the BACSI Employment Sentiment Index fell by 11.6 per cent to 58.2 points from 65.8, showing a downcast mood in the jobs and salaries game.
The BACSI Consumer Spending Sentiment Index for November stood at 92.3, a marginal decline of two per cent from the previous month’s reading.
One-third of the respondents reported ‘not being sure’ of their durables-automobiles-homes purchase plans.