Household spends have increased for 62% of families, says study
By Retail4Growth Bureau | April 05, 2022
The latest findings of the India Consumer Sentiment Index (CSI) by Axis My India, shows that spending on essentials like personal care & household items has increased for 48% of the families which reflects an increase by +5 as compared to last month and that the consumer sentiment was highest in the last one year, with a Net Score of +19
Axis My India, the consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. The period of March reveals a significant improvement in consumption across household products. Sentiments associated with mobility highlight marginal improvement while sentiments associated with media consumption remains the same as last month. At an overall level, the Consumer sentiment is at the highest in last one year.
The April net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was up/down to +19, from +9 last month and reflecting the highest increase in last one year.
The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends.
This month, Axis My India’s Sentiment Index delved deeper to comprehend consumer’s behaviour with regard to current world affairs, IPL consumption and information- seeking motivations. The survey further revealed summer- specific holiday/leisure plans and product preferences of consumers.
The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10086 people across 36 states. 67% belonged from Rural India while 33% belonged from urban counterparts. In addition, 63% of the respondents were male while 37% of the respondents were female. In terms of regional spread, 24% and 21% belonged to the Northern and Southern parts of India while 25% and 30% belonged to Eastern and Western parts of India. In terms of the two majority sample groups, 31% reflects the age group of 36YO to 50YO and 27% reflect the age group of 26YO to 35YO.
Commenting on the CSI report, Pradeep Gupta, CMD, Axis My India, said, “With mounting geo-politics tensions, opening up of economies and diminishing fear of Covid-19, Indian consumers are showcasing confidence and overall sentiment is at the highest in last one year.”
- Overall household spending has increased for 62% of families which reflects an 8% increase from the last month. The net score which was at +43 last month as increased by +10 to +53 this month.
- Spending on essentials like personal care & household items has increased for 48% of the families which reflects an increase by +5 as compared to last month. Spends however remain the same for 33% of the families, reduced by -5 from last month. The net score which was +24 last month has increased to +29 this month.
- Spends on non-essential & discretionary products like AC, Car, Refrigerator has increased for 13% of families reflecting an increase of 5% from last month. Spending nevertheless remains the same for 82% of the families. The net score has improved to +8 this month as compared to +3 in the previous month.
- Consumption of health-related items more or less remains the same for 46% of the families, while decreased consumption is witnessed among 16%. 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 -22 this month.
- Consumption of media has increased for 22% of the families reflecting the same as last month. Consumption remains the same for a majority of 55% of families. The overall, net score which was at +1 in the last month is -1 this month.
- 89% of families said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 6% of families, an increase by +1 from last month. The overall mobility net score is at 0.
INDIA CONSUMER SENTIMENT SCORE