Explanation:

Consumer welfare refers to the well-being and satisfaction of consumers in the economy. It is an important indicator of the overall economic health and prosperity of a country. While savings, disposable income, and expenditure are all relevant factors in determining consumer welfare, none of them alone can fully capture the concept. Let's understand why the correct answer is option 'D' (None of the above).

Savings:
- Savings refer to the portion of income that is not spent and is instead set aside for future use.
- While savings can contribute to consumer welfare by providing a financial cushion and enabling individuals to plan for their future needs, it does not directly measure the well-being or satisfaction of consumers. Consumer welfare is more comprehensive and encompasses various aspects beyond just saving.

Disposable income:
- Disposable income represents the amount of money that individuals have available to spend on goods and services after deducting taxes and other compulsory payments.
- While disposable income can influence consumer welfare by providing individuals with greater purchasing power, it does not solely determine their overall well-being. Other factors such as the availability and quality of goods and services, affordability, and consumer satisfaction also play a significant role.

Expenditure:
- Expenditure refers to the amount of money spent on goods and services by individuals.
- While expenditure is related to consumer welfare as it reflects the level of consumption and the ability to afford desired goods and services, it does not capture the complete picture of consumer well-being. Consumer welfare depends on factors beyond just the amount spent, including the quality, variety, and accessibility of goods and services.

Conclusion:
Consumer welfare is a multifaceted concept that cannot be fully captured by any single factor such as savings, disposable income, or expenditure alone. It is influenced by a combination of various factors, including but not limited to these three. To assess consumer welfare comprehensively, policymakers and economists consider a range of indicators, including income distribution, access to basic needs, consumer satisfaction surveys, and overall economic conditions.