Survey says 36% prefer shopkeepers and local markets as primary sources of product information

Axis My India’s CSI survey offers crucial insights into consumer spending behaviour and highlights increased overall household spending, especially among rural households, males, and 18-25-year-olds. 

Axis My India, a leading consumer data intelligence company, has unveiled its latest India Consumer Sentiment Index (CSI) findings, offering crucial insights into consumer spending behavior. The survey highlights increased overall household spending, especially among rural households, males, and 18-25-year-olds. While essential spending dipped slightly, the increase in non-essential and discretionary product spending was insignificant. The survey also revealed that shopkeepers and internet searches are primary sources of product information. Interestingly, there is an increasing propensity to do online shopping even in rural consumers. These valuable insights provide a comprehensive view of consumer sentiments, aiding businesses and policymakers in making informed decisions.

The July net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +7, which has decreased as compared to last month (+9). 

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 was carried out via Computer-Aided Telephonic Interviews with a sample size of 5072 people across 35 states and UTs. 67% belonged to rural India, while 33% belonged to urban counterparts. In terms of regional spread, 23% belong to the Northern parts while 22% belong to the Eastern parts of India. Moreover, 26% and 29% belonged to Western and Southern parts of India respectively. 59% of the respondents were male, while 41% were female. In terms of the two majority sample groups, 31% reflect the age group of 36YO to 50YO and 27% reflect the age group 26YO to 35YO. 

• Overall household spending has increased for 56% of the families 
• 19% indulge in online shopping at least once a month
• Of 5,072 people surveyed; 67% are from rural India while 33% are from urban India
• Overall household spending increased for 56%, higher in rural consumers (57%)
• Spending on essentials increased for 31%, rural consumers (32%)
• Health-related expenses surged for 30%, more in females (30%), and 26-35YO (34%)
• Mobility increased for 8%, highest among 18-25YO (14%)
• 29% view Internet searches as primary sources for product information.
• 18-25YO most frequent online shoppers, at least shop once a month (35%)

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, "As we navigate the dynamic retail landscape of India, the trends in household spending, essential and non-essential purchases, health-related items, consumer information seeking, and online shopping habits reveal fascinating insights. The emphasis on local markets and internet searches as primary sources of information showcases the importance of traditional and digital channels alike. Furthermore, the diverse online shopping habits, particularly among the tech-savvy 18-25-year-olds, signal a need for retailers to embrace e-commerce while ensuring personalized experiences. As we witness this transformation, understanding consumer preferences becomes paramount in curating innovative offerings that cater to their evolving needs." 

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