How can we revive consumer confidence?
As the global economy slows, people's purchasing power is taking a hit. How significant are India's current consumer trends, and what can be done to revive consumer confidence?
As the global economy slows down, people's purchasing power is taking a hit. The International Monetary Fund has forecast that the global economy will grow at just 3% this year - the slowest since the recession of 2008-09. India's central bank too says that consumer confidence has dipped to a six-year low in the country.
According to experts, consumer confidence is like an oil tanker - once moved, it can take a very long time to turn around.
So, how significant are the current consumer trends? And what can be done to revive consumer confidence?
#WorklifeIndia discusses the best ways to create fresh demand and asks what some of the innovative measures are to reform the market and to boost consumer confidence.
Presenter: Devina Gupta
Contributors: Dr Reetika Khera, associate professor of economics, Indian Institute of Management; Hindol Sengupta, author and journalist; Preeti Reddy, CEO, South Asia, Kantar Insights