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Budget 2020 was a missed opportunity: Kantar Frrole report

More than half the consumers surveyed felt they are worse off financially since the past 12 months, a two-fold jump from a year ago in the number of such consumers. Also, about 48% housewives and 53% chief wage earners showed heightened concerns about their economic well being.

, ET Bureau|
Last Updated: Feb 20, 2020, 04.25 PM IST
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Mumbai: At a time when consumer confidence is dipping consistently, Budget 2020 was a missed opportunity, said a report by Kantar Frrole which mapped social and consumer barometer in the country.

More than half the consumers surveyed felt they are worse off financially since the past 12 months, a two-fold jump from a year ago in the number of such consumers. Also, about 48% housewives and 53% chief wage earners showed heightened concerns about their economic well being.

The report said consumer sentiments are sharply down in small towns who are more impacted as compared to their counterparts in metropolitan areas, a sharp contrast compared to periods of economic slowdown earlier.

Frrole that mapped social media analysis to gauge consumer sentiments, said reception of Budget 2020 and the overall sentiment among consumers has been almost three times more negative than that of 2019. While consumers in Tier 2 cities were concerned more about the lack of measures to increase employment and lower budgetary allocation for development projects, Tier 1 cities voiced their disappointment on income tax slabs, reduction in food subsidy reduction and on government’s ability to fulfill its promise.

As a result, they are delaying purchase of big-ticket items and cutting down on discretionary spends such as eating out and travel, the report said.

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