Over 53% of families surveyed by Axis My India expect their household spending in India to increase, despite a subtle 2% decline from the previous month. The India Consumer Sentiment Index (CSI), which was released by consumer intelligence firm Axis My India, revealed major patterns in consumer behaviour.
It also stated that the festive spirit appeared to be in full swing, with 55% of respondents intending to prioritise spending on festive delights, including food and groceries as well as clothing and accessories. Spending on necessities like personal care and household goods has gone up for 43% of families, up 2% from the previous month, according to the survey.
Spending on non-essential and discretionary items like refrigerators, cars, and air conditioners has grown for 9% of families, which is a 3% increase from last month. According to the survey, 36% of families have seen an increase in expenses for health-related items including vitamins, tests, and healthy food.
This shows a 2% rise in consumption from the previous month. 20% of families now consume more media (TV, Internet, radio, etc.), which represents a 1% rise in media consumption from the previous month. Mobility has increased for 8% of the families, which is a dip of 1% from last month.
Further, it added that 43% of shoppers spotlight product quality as their foremost consideration, indicating a discerning and quality-conscious consumer base. In keeping with the ‘vocal for local’ ethos, the report also noted that 56% of shoppers give local vendors priority when making festive purchases.
According to the report, the October net CSI score, which is calculated by subtracting the percentage increase from the percentage decrease in sentiment, is +8, which is the same as the previous two months. According to Axis My India, the sentiment study examines five relevant sub-indices, including overall household spending, spending on both essential and non-essential items, healthcare spending, media consumption habits, and trends in entertainment and tourism.
The survey had 5,452 participants from 35 states and UTs and used computer-assisted telephone interviews. 66% of them were from rural areas, and 34% were from urban areas.
Regionally, 32% of people were from the North, 20% from the East, 39% from the West, and 9% from the South of India. 36% of the participants were female, whereas 64% were male. In the greatest age categories, 29% of people were between the ages of 36 and 50, and 28% were between the ages of 26 and 35.
According to survey findings, a significant 43% of participants said that during the festive season, product quality is the main consideration in their purchasing decisions. In contrast, 21% of respondents said that during certain periods,
discounts and promotions have a significant impact on their choice to make a purchase. On the other hand, 16% of respondents recognised personal preferences as the leading factor in their festive buying choices.
On the different shopping channels, a significant 56% of respondents expressed a preference for local markets and vendors. Moreover, a modest 36% of respondents showed a preference for in-branded physical stores for their festive shopping.
