Media consumption has increased for 21% of the people, while the increased consumption of digital media is reflected as 52% said their time spent on digital has increased in the last one year, according to the findings of the Axis My India January CSI survey.
Axis My India, the consumer data intelligence company, has released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues.
As per the survey’s findings, Facebook was the most used social media app by 26% whereas Flipkart was the most used e-commerce platform in India.
The survey further captured interest and enthusiasm for sports and cricket tends to rule the hearts of people with 46% mentioning that they liked watching the T20 World Cup, 25% liked to watch the IPL & 16% liked the FIFA WC.
The January net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +8, from +7 last month reflecting an increase by 1 points.
The sentiment analysis delves into five sub-indices – overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment and tourism trends.
Key findings of the survey are:
· Overall household spending has increased for 55% of families, decreased by 1% compared to last month. The net score which was +48 last month has decreased by 1 to +47 this month.
· Spends on essentials like personal care and household items has increased for 41% of the families, which reflects a decrease by 5%. The net score which was at +28 last month, decreased by two at +26 this month.
· Spends on non-essential and discretionary products like AC, Car, and Refrigerator has increased for 7% of families, which reflects a decrease by 1% from last month. The net score, which was at -1 last month has increased to +2 this month, showcasing an upward sentiment.
· Expenses towards health-related items such as vitamins, tests, healthy food has surged for 39% of the families. This reflects a decrease in consumption by 3% from last month. The health score which has a negative connotation i.e., the lesser the spends on health items the better the sentiments, has a net score value of -27, which remained same as last month.
· Consumption of media (TV, Internet, Radio etc.) has increased for 21% of the families, which is same as last month. The overall, net score, which was at -2 last month, remains the same.
· Mobility has increased for 7% of the families, which reflects an increase by 1% from last month. The overall mobility net indicator score which was at -2 last month, has reported +2 this month.
On topics of current national interest:
· According to Axis My India’s CSI Survey, the household expense increased for 73% of families than the previous year. 50% of the surveyed thought that high costs of products and services due to inflation affected the household expense, 19% mentioned that the increased expense is because of increased health related expenses.
· In an attempt to understand the investment patterns for consumers during the new year 16% of the people surveyed said that they will invest this year and 40% said that they would invest in MF, Insurance, Gold, Stock Markets etc. and other 16% would invest in real estate. 34% of the people would like to invest for their children’s education. 30% of people resonated the idea to save more this year.
· Exploring sentiments around sports and sporting event 46% mentioned that they liked watching the T20 World Cup, 25% liked to watch the IPL and 16% liked the FIFA WC.
· Demystifying the nature of consumer’s purchasing power, the survey unveils that 49% shopped through Flipkart and 24% from Amazon. 38% would buy apparels during the year end/new year sale. 13% mentioned that they looking to buy a 4 or 2-wheeler.
· The survey also threw light on social media habits of consumers, with 35% of people who surveyed used Facebook more, 25% watched content on YouTube. 52% of people informed that their consumption of mobile/ internet has increased.
· The survey also highlighted that 62% believe that the current government has been able to handle India's economic situation better than other countries this year and the expectation for 2023 is creation of more employment opportunities.
Pradeep Gupta, Chairman and MD, Axis My India, said, “Our Consumer Sentiment Index shows that the sentiments were highest in H1 of 2022 post which it dipped slightly but overall, we ended 2022 with consumer sentiments better than 2021 and much better than 2020. Media consumption trends are growing rapidly with the evolving times. The growing dependency on internet has impacted all spheres of the consumer’s life. The trend of watching content at the go is on the rise and consumers still believe that the best way to get in touch with people is through social media. The potential of the world-wide-web is huge and is only evolving and one can only expect it further enrich consumer experiences. Moving forward, the intent to invest and save more in 2023 reflects the current environment of resilience and cautious growth.”