Consumption of media has increased for 25% of the families in October, while it has remained same for 48% families. Overall, 82% families have seen more ads on TV and digital platforms over others, according to the latest data released by Axis My India in its India Consumer Sentiment Index report. Moreover, digital has emerged as the second most important source for brand awareness as 44% and 38% of the consumers have majorly seen ads on television and digital platforms respectively. On the other hand, 11% and seven percent have seen ads on print and outdoor.
As per the report, the household spending has increased for 63% families, a seven percent increase from the last month. The increase is highest in Northern India. Additionally, the overall spending on essentials like personal care and household items has increased 50% reflecting a surge by five percent. Spends on non-essential and discretionary products like AC, car, refrigerator is up for 18% of families.
The overall mobility score has improved to reach -4 in October from -5 in the previous month. With easier travel restrictions, double vaccination, 88% families are going out the same or more on getaways or staycations or malls or restaurants.
“With the festivities at its peak, one can easily witness consumer’s excitement in terms of loosening their purse strings for varied expenses and experiences. While Diwali has triggered spending on products of personal indulgence (like two-wheeler/four-wheelers or jewellery) and household items, the upcoming festivities and enthusiastic consumer sentiment will further set the momentum for the last half of this year,” Pradeep Gupta, CMD, Axis My India, said.
“In addition, one can also witness a transition in terms of preferences amongst consumers’ like opting for EVs or cheering for privatisation of loss making companies. The growth of digital as a medium of advertising overtaking print and just after TV reflects the change in media consumption habits which was triggered by the pandemic. Lastly, our survey shows that a vast majority of India is still not investing in this age of cryptocurrencies, it would be interesting to see how financial players beyond traditional banks can capture and convert their interests for investments using varied instruments,” Gupta added.
36% of the consumers are planning to go beyond small-ticket purchases this festive season. According to the report, 24% are looking to spend on household or personal items like white goods (AC, TV, washing machine, refrigerator etc.), furniture, electronics and jewellery, while nine percent are looking to buy a four-wheeler or a two-wheeler.