Axis My India has released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. At India’s 75th year of Independence, the Consumer Sentiment Survey (CSI) explored the citizen’s view across key facets of the growing Indian economy. From unravelling expectations from the government to improved life and livelihood, the findings also explored shift in mind-set with regards to social, environmental and national issues.
The report further reveals that 39% have done an online payment at least once and 38% believe that advertisement influences their purchase decisions. 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.
According to the findings, consumption of media has increased for 19% of the respondents, an increase by 2% from last month. 87% said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 6% of families, a dip by 1% from last month. Overall household spending has increased for 61% of families which reflects a 2% increase from the last month. Spends on essentials like personal care and household items has increased for 45% of the families which is a 1% increase over last month.
Furthermore, spends on non-essential and discretionary products like AC, car, and refrigerator continues to remain the same for 88% of families. Consumption of health-related items has increased for 38% of the families, which was 35% in the last month.
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10205 people across 34 states and UTs. 71% belonged to rural India, while 29% belonged to urban counterparts. In terms of regional spread, 24% belong to the Northern parts while 25% belong to the Eastern parts of India. Moreover 31% and 21% belonged to Western and Southern parts of India respectively. 64% of the respondents were male, while 36% were female.
“From preferring Indian brands over imported ones to paying extra for sustainable products, Indian consumers have evolved to identify themselves as ‘selective and conscious’ consumers. Moreover, healthcare has taken precedence as consumers are taking preventative care in terms of the food they eat or the lifestyle they are choosing for ensuring long-term well-being. Marketers should take note of these changing concerns as advertisement continues to be an important influencing agent. As we come close to the 75th year of independence, Indian citizens are certain that India will be able to fight against all odds and most likely become a developed nation when it touches 100 years,” Pradeep Gupta, chairman and MD, Axis My India, said.
In an attempt to understand India’s journey towards digital payments, the survey found out that only 39% have processed digital/online payment. While a majority of 61% have still not ventured the digital medium for payments. 38% said that advertisement influences their purchase decision. Keeping the Govt’s Atma Nirbhar Bharat initiative in mind, the survey dug deeper to understand consumers brand preferences. 92% said that they would prefer Indian brands, while only 6% said they would buy Indian as well as imported brands.
The CSI – Survey captured consumer’s attitude towards sustainable product choices. 63% said that they are prepared to pay more for environmentally friendly or natural products. Acknowledging India’s progress over the last 75 years, a majority of 56% believe that India will be a developed economy when it touches 100 years.
Addressing some expectations on the 75th year of Indian independence, the survey discovered that 34% wants the government to combat inflation, while 28% seeks improvement in employment opportunities. Focusing on farmer’s prosperity reflect a third major concern (view of 7%). 44% agree that their kid’s education and learning was severely impacted by online mode of education during the Covid 19 pandemic. While only 25% believed that it had no impact.
A majority of 44% believe that their living standard has improved in the last few years. More particularly 40% attribute this improvement to the last eight years. The survey further discovered that 73% are more health conscious and are eating more healthy food post the Covid-19 pandemic. Highlighting a massive improvement in gender equality sentiments, the survey revealed that 96% agree that men and women should share household responsibilities equally. Both the genders share this thought equally (95% in males, 97% in females).