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Axis My India survey points to increase in household spending

By Retail4Growth Bureau | January 08, 2024

Axis My India has shared their latest insights from the India Consumer Sentiment Index (CSI), which highlight a steady increase in household spending among 58% of families, complemented by a significant rise in essential spending, reflecting a conscious prioritisation of daily necessities. 

Axis My India has shared their latest insights from the India Consumer Sentiment Index (CSI). The report highlights a steady increase in household spending among 58% of families, complemented by a significant rise in essential spending, reflecting a conscious prioritisation of daily necessities. 

Axis My India has shared their latest insights from the India Consumer Sentiment Index (CSI)

Amidst the festive sparkle, a discernible 18% of consumers are embracing the joy of luxury, while a robust 79% display a preference for economical choices, showcasing a healthy balance in financial strategies. “As the New Year dawns, it is encouraging to see a focused 14% of the populace engaging in proactive financial planning, indicative of a growing financial awareness and foresight. These insights, mirroring a dynamic economic landscape, signal not just an adaptation to current circumstances but also a forward-looking approach in consumer spending, suggesting a year of promising opportunities and mindful financial choices ahead,” says the report.

The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +10.3, which is an increase of +0.3 from the last month.

The sentiment analysis delves into five relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment & tourism trends. 

The survey used Computer-Aided Telephonic Interviews and included 4603 participants from 35 states and UTs. Among them, 70% were from rural areas and 30% from urban areas. In terms of regions, 25% were from the North, 27% from the East, 31% from the West, and 17% from the South of India. Among the participants, 59% were male and 41% were female. Looking at the largest groups, 28% were aged between 36 and 50 years old, while 27% were aged between 26 and 35 years old

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said, “As we start the New Year, our findings offer a lens into the dynamic interplay of consumer choices and financial strategies. Looking ahead, these trends suggest a positive trajectory for the coming year – one where mindful spending, strategic financial resolutions, and an embrace of both traditional and digital realms signify a society that is not only adapting to changing economic landscapes but also shaping them. As we step into the New Year, we see a horizon where financial decisions are increasingly informed by a blend of immediate needs and long-term aspirations, heralding a future rich with informed choices and sustainable growth.”

Key findings

  • Overall household spending has increased for 58% of the families. Consumption remains the same for 35% of families. The net score is +50 which is the same as last month.
  • Spends on essentials like personal care & household items have increased for 48% of families. Consumption remains the same for 39% of families. The net score is at +34 this month. 
  • Spends on non-essential & discretionary products like AC, Car, and Refrigerators have increased for 13% of families. Consumption remains the same for 81% of families. The net score, which was +9 last month, is at +6 this month. 
  • Expenses towards health-related items such as vitamins, tests, and healthy food have surged for 40% of the families. Consumption remains the same for 46% of families. 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 -26 this month.  
  • Consumption of media (TV, Internet, Radio, etc.) has increased for 22% of families which is an decrease by 1% from last month. The net score, which was +2 last month, is at +3 this month. 
  • Mobility has increased for 7% of the families. The net score, which was -5 last month, is at -6 this month. Mobility remains the same for 80% of the families. 
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