78% of respondents plan to shop from local retail stores while 14% from e-commerce sites during the festive season: Report | The Financial Express

78% of respondents plan to shop from local retail stores while 14% from e-commerce sites during the festive season: Report

As per the report, 45% of the respondents prefer to watch new movies when slotted on TV channels, while 30% prefer to watch them on OTT platforms

78% of respondents plan to shop from local retail stores while 14% from e-commerce sites during the festive season: Report
The report stated its insight into people’s understanding of metaverse which showed that 6% of the respondents had heard about it and looked forward to experiencing AR or VR.

The overall household spending saw an increase of 58% among families, recording a three percent decrease from the previous month, according to data released by Axis My India in its latest India Consumer Sentiment Index (CSI). The report also stated that spending on essential goods such as personal care and household items saw a two percent decrease since the month prior and stood at 44% in October. Meanwhile, spending on non-essential and discretionary products such as air-conditioners (ACs), cars, and refrigerators had increased for nine percent of the families and therefore reflected a two percent increase from last month. In the domain of health and fitness, the report mentioned that expenses for health-related items have increased for 37% of families. Furthermore, according to the report, the consumption of media remained the same for two months at 19%. Interestingly, consumer mobility among OTT platforms saw an increase for six percent of the families which is a one percent decrease since the previous month.

Internet and social media has shaped consumer experiences as consumers have found ways to express their individualities amongst their online and physical social networks, Pradeep Gupta, chairman and managing director (MD), Axis My India, said. “Internet has, in addition, provided flexibility due to which consumers are growing to prefer over-the-top (OTT) platforms as their viewing medium. The potential of the world-wide-web is huge and is only evolving and one can only expect it further enrich consumer experiences,” he added.

The report highlighted that there was growth in the sentiment of spending more during the festive season, which referred to 21% of consumers planning to do so, as compared to the previous year, with a one percent increase. Within this group, a majority of 78% plan to shop from local physical retail stores and 14% plan to shop from e-commerce sites. Additionally, with the aim to discover consumer awareness and understanding of the metaverse, the survey stated that it found six percent of the respondents had heard about the term and looked forward to experiencing augmented reality (AR) or virtual reality (VR) while shopping for products. 12% of the surveyed population revealed that creating content or video and uploading it on social media, signifies the rise of the generation of content creators. The report also stated that a majority of 45% prefer to watch new movies once it is slotted on TV channels, while 30% prefer to watch them on OTT platforms. Meanwhile, 24% prefer watching new movies in theatre halls which reflects that viewers are ready to return to the big screen but also face competition as these screens are facing from OTT.

According to the company, it surveyed 10,058 people out of which 67% were from rural India and 33% were from urban India.

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