Last updated : January 08, 2024 10:16 am
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.
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