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54.5% of urban households say economy worsened in September, yet 83.7% report higher spending: RBI survey
Our read
Urban footfall holds up on price-inflated spending, but the 54.5% who see a worse economy push the mix toward value, so volume growth lags rupee sales.
For operators
Urban shoppers are still spending more (83.7% report higher spending than a year ago, up from 80% in July), but 95% cite rising prices and 84.3% expect further rises, so plan for price-conscious baskets and value-led offers rather than assuming comfortable footfall.
Watch
The next RBI Urban Consumer Confidence Survey round: does the share saying the economy worsened move above 54.5% or back toward 50.5%?
The report,
RBI's September 2026 Urban Consumer Confidence Survey found 54.5 per cent of urban households felt economic conditions worsened, up from 50.5 per cent in July. Still, 83.7 per cent reported higher spending than a year ago, up from 80 per cent in July.
- Urban households saying economy worsened, Sept 2026
- 54.5 per cent
- Respondents reporting higher spending than a year ago
- 83.7 per cent
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Demand data
From the report. Source details below
| Respondents reporting rising prices over past year: | 95 per cent |
|---|---|
| Respondents expecting prices to rise further: | 84.3 per cent |
| Current Situation Index, September 2026: | 87.9 |
| Future Expectations Index, September 2026: | 113.5 |
| Respondents saying employment worsened: | 49.5 per cent |
| Repo rate after 25 basis point hike: | 5.50 per cent |
The source
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