Six in 10 households see earnings decline in FY2022-23: Survey
A little more than half, or 56%, of household consumers surveyed believe their average household savings will fall in FY23 while only 19% households expect an increase.
New Delhi: Lower incomes amid higher household expenses during the pandemic had hit a large number of Indian households. For many, the continuing high prices of vegetables, pulses, oil, milk and other essentials over the last 12 months have spelt trouble with sizable percentage of families grappling to make ends meet. While global commodity prices have softened in the recent past, they remain elevated along with shipping and logistics cost which have been reflecting in prices of products and services. In most cases, families’ incomes have not kept pace with high inflation. Unlike those in government jobs, private sector employees get no relief in the form of DA or any other allowance to offset rising costs. All this has been cutting deep into consumer spending.