Reserve Bank released the results of the May 2021 round of its Consumer Confidence Survey (CCS). Consumer confidence for the current period weakened further; the current situation index (CSI), which has been in the negative territory since July 2019, fell to a new all-time low as consumer perceptions on general economic situation and employment scenario lowered further.
The CSI fell to 48.5 in latest round compared to 53.1 in the previous round. The future expectations index (FEI) moved to pessimistic territory for the second time since the onset of the pandemic; this was driven by sharp fall in expectations on general economic situation, employment scenario and household income over one year horizon.
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