26% respondents revealed a habit of engaging with both television and mobile phone simultaneously, as per the findings of the India Consumer Sentiment Index (CSI) released by Axis My India, the consumer data intelligence company.
CSI is a monthly analysis of consumer perception on a wide range of issues for the month of January.
The month of January revealed that almost half of the respondents (41%) believe that advertisement influences purchase decisions. The 26% respondents who said they had a habit of engaging with both television and mobile phone simultaneously, open the doors for deeper conversations on rising multi-screen user behaviour and scope of competitive advertising among different platforms.
Moreover, media consumption in general remains the same for 54% of the families, highest in the last five months.
The February net CSI score, which is calculated by percentage increase minus percentage decrease in sentiment, was down to +7, from +10 last month in lieu of the observed drop in household spending both across the essential and non-essential categories since the past three month, which was further accentuated by the Omicron scare in January.
The analysis delves into five sub-indices – 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 Index further investigated the influence of advertisement on purchase decisions, parallel viewing behaviour with reference to television and mobile phones and consumer’s approach to health and fitness.
The survey also delved deeper to understand various facets of financial behaviour, these include apprehensions with sharing financials/personal information online, outlook on the impact of omicron on financial security and gender-based investment management perceptions.
The surveys were carried out via computer-aided telephonic interviews with a sample size of 10,525 people across 36 states. 70% belonged from rural India while 30% belonged from urban counterparts. In addition, 59% of the respondents were male while 41% of the respondents were female.
Axis My India assessed if advertisement influences consumer’s purchase decisions. Closer to half, that is 41% agreed that ads are stimulants and thereby drive purchases. This reflects the view of 18–35-year-olds from the northern part of India. However, a majority of 57% disagree on the same.
The CSI – Survey furthermore captured consumer’s financial sentiment across varied facets. With regards to financial and personal security, a majority of 41% are apprehensive that the information shared online is not secure.
A massive 67% believe that women are better as compared to men when it comes financial/investment management. This reflects the view of western part of India
Some of the other key findings from the survey are, consumption of media like TV, internet, and radio has increased for 24% of the families, same as last month. Consumption remains the same for a majority of 54% families, the highest in the last five months.
Further, 89% families said that they are going out the same for short vacations, mall 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 non-essential and discretionary products like AC, car, refrigerator has increased for 10% of families, indicating an even lower percentage than the last 5 months. Further, 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 represents an overall dip by 2%.
Pradeep Gupta, CMD, Axis My India, said, “The survey captures consumer’s apprehension yet preparedness and confidence to the advent of Omicron. While essential, non-essential and health-related increased expenditures witnessed a dip, consumers at the same time have expressed their confidence of not being financially impacted by the third Wave. Moreover, in our attempt to discover consumer information consumption habit, we witnessed a growing possibility of shared space competitiveness between TV and online for influencing ad-based purchase decisions. However online space unlike TV is an interactive platform and thereby possess the challenges of ensuring security and safety of data shared by consumers. 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.”