Closer to half (41%) respondents have agreed that ads are stimulants and thereby drive purchases, as per the latest findings of the India Consumer Sentiment Index (CSI) by consumer data intelligence company Axis My India. Furthermore, 26% reveal a habit of engaging with both television and mobile phone simultaneously, thus opening deeper conversations on rising multi-screen user behaviour and scope of competitive advertising among different platforms.
The sentiment analysis delves into five relevant sub-indices – overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits and mobility trends. The surveys were carried out with a sample size of 10,525 people across 36 states. 70% belonged from rural India while 30% belonged from urban counterparts.
The CSI – Survey furthermore captured consumers’ financial sentiment across varied facets. With regards to financial and personal security, a majority of 41% is apprehensive that the information shared online is not secure. Moreover, a bulk of 48% believe that the new variant of the virus – Omicron won’t impact their financial well-being.
According to the survey, 89% families said that they are going out the same for short vacations, malls and restaurants as compared to 85% of families last month. Overall household spending has increased for 53% of families which reflects a 6% dip from the last month. Overall spending remains the same for 33% of the families which is the highest in the last five months. Spends on essentials like personal care and household items has increased for 43% of the families showcasing a surge in northern and southern part of India, however, this is also the lowest surge in the last five months. Spends however remain the same for 33% of the families (same as last month).
Spends on non-essential and discretionary products like AC, cars, refrigerators has increased for 10% of families, indicating an even lower percentage than the last five months. Expenditure nevertheless remains the same for 83% of the families a surge of 5% from last month. This is majorly reflected in the sentiment of people living in the Eastern and Northern parts of India. Consumption on health-related items more or less remains the same for 44% of the families, while a surge is witnessed among 38% of the families. In comparison to last month, the ‘increase’ consumption indicators represent an overall dip by 2%.
The survey captures consumers’ apprehension yet preparedness and confidence to the advent of Omicron, Pradeep Gupta, CMD, Axis My India, said. “Overall with the nation’s sentiments resuming back to slow and steady normalcy and more opportunities opening up within the media space, advertisers and marketers are in a sweet spot and should thereby leave no space untouched,” Gupta added.
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