News related to elections, political parties, the Russia-Ukraine war, sports, entertainment and Covid related updates were the top five preferences of consumers, according to the latest findings of the India Consumer Sentiment Index (CSI) by Axis My India. The report further claimed that in the current season of the Indian Premier League (IPL), 9% of the total respondents have noticed ads by Dream11, while 6% have noticed ads by Tata Neu from Tata Digital. Among those who have watched IPL this season, Dream 11 is recalled by 41% & Tata Neu by 30%.
The sentiment analysis delves into five relevant sub-indices such as overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits and mobility trends. This month, Axis My India’s sentiment survey delved deeper to comprehend consumers’ views about advertisement claims on television and newspapers, most featured brands during IPL, among others. The survey also gauged consumers’ outlook on quick gratification schemes offered and plans on New Year investments. To be noted, the survey was carried out with a sample size of 10,166 people across more than 30 states and UTs.
The consumer community reflects optimism towards increasing expenditure in discretionary spends showcasing their affinity to ‘what they want rather than what they need’, Pradeep Gupta, chairman and MD, Axis My India, said. “This provides a ray of light for brands and marketers to tap towards the shifting priorities of consumers. While brands are striving to capture the instant gratification instincts of consumers there is a need to understand context and content to capture the right eyeballs. The news industry has grown in the last year or two with the pandemic, the Russia -Ukraine war or the Sri-Lankan economy crisis but elections and political news remain the most watched content by viewers. Interestingly even with better opportunities abroad 64% Indians would prefer to stay in India and work towards a better living, something we all should be proud of,” he added.
As per the report, the overall household spending has increased for 66% of families which reflects a 4% increase from the last month, and the consumption of media has increased for 23% of the families reflecting an increase by 1% from last month. Consumption remains the same for a majority of 52% of families. While, spending on essentials like personal care and household items has increased for 48% of the families and remains the same as compared to last month. Spends however remain the same for 33% of the families. Spends on non-essential and discretionary products like AC, car, refrigerator has increased for 14% of families reflecting an increase of 1% from last month. Spending nevertheless remained the same for 80% of the families. Additionally, the report states that the consumption of health-related items has increased for 38% of families. However, consumption more or less remains the same for 47% of the families, while decreased consumption is witnessed among 15%. Interestingly, 85% of families said that they are going out the same for short vacations, malls and restaurants, while 8% of families reflected increased travel.
Interestingly, at an overall level, 22% have watched IPL but 78% mentioned they have not watched IPL this season. Axis My India further evaluated consumers’ views on advertisement on television and on newspapers. As per the survey, 54% respondents reason that advertising claims made on these platforms are unbelievable. However, 22% believe otherwise.
As per Axis My India’s survey, 35% of respondents indulged in online shopping in the last one year. Additionally, the survey revealed that 19% of respondents view quick gratification schemes by Indian food and groceries apps positively but a majority of 77% have not tried it yet. The CSI survey revealed that among the respondents, 13% plan to invest in health insurance/life insurance while 4% plan to invest in fixed deposits and recurring deposits. Furthermore, 3% of the respondents are considering investments in shares/mutual funds while 2% plans to invest in gold. Interestingly, 78% of respondents mentioned that they don’t invest or plan to do it this year.
According to the survey, among the respondents, 33% would prefer to migrate to another country in search for better opportunity and lifestyle whereas a majority of 64% would prefer to stay in India.
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