Analysis of Consumer Confidence Index Pre and PostCOVID Under the Lens of General Economic Situation, Employment, Income and Price Level

International Journal of Economics and Management Studies

© 2023 by SSRG - IJEMS Journal

Volume 10 Issue 6

Year of Publication : 2023

Authors : Akansha Gupta

10.14445/23939125/IJEMS-V10I6P102

How to Cite?

Akansha Gupta, "Analysis of Consumer Confidence Index Pre and PostCOVID Under the Lens of General Economic Situation, Employment, Income and Price Level," SSRG International Journal of Economics and Management Studies, vol. 10,  no. 6, pp. 7-13, 2023. Crossref, https://doi.org/10.14445/23939125/IJEMS-V10I6P102

Abstract:

COVID-19 has led to a devastating impact on the global economic situation and consumer confidence, an important indicator of economic health, has been affected by the pandemic and its aftermath. Currently, there is a wealth of data on the impact of the COVID-19 pandemic on the global economy. However, there is a lack of detailed analysis of the specific impact on consumer confidence and the factors influencing consumer attitudes towards the economy. This analysis aims to bridge this knowledge gap by providing a quantitative and qualitative analysis of the pre and post-pandemic Consumer Confidence Index (CCI) data and evaluate the quantitative consequence of the pandemic on the economy with respect to the general economic situation, price level, income and employment. Datasets from bi-monthly consumer confidence surveys by the Reserve Bank of India (RBI) were utilized from pre (2019) and post (2022) COVID. The data were then sorted based on qualitative and quantitative aspects, including the general economic situation, employment, income, and price level. Additionally, the paper also evaluates the implications and significance of given results. The proposed model recorded a net decline of 206.02% in the consumer confidence index. By analysing both quantitative and qualitative data, a more nuanced understanding of consumer behavior and economic trends will be provided. Furthermore, this study will contribute to the existing literature on consumer confidence and economic health, providing valuable insights into the dynamics of consumer behavior during times of crisis.

Keywords:

Business, Consumer confidence, COVID-19, Employment, Income.

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