Household spends increased for 62 pc of families in March: Study

The survey was conducted among more than 10,086 people, 67 percent from rural India while 33 percent from urban India.

The study involves a monthly analysis of consumer perception on a wide range of issues.

Sentiments associated with mobility highlight marginal improvement while sentiments associated with media consumption remain the same as last month. At an overall level, Consumer sentiment is at its highest in the 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.

Spending on essentials like personal care & household items has increased for 48 percent of the families which reflects an increase by +5 as compared to last month. Spends however remain the same for 33 percent 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 percent of families reflecting an increase of 5 percent from last month. Spending nevertheless remains the same for 82 percent 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 percent of the families, while decreased consumption is witnessed among 16 percent. 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 percent of the families reflecting the same as last month. Consumption remains the same for a majority of 55 percent of families. The overall, net score which was at +1 in the last month is -1 this month.

 A total of 89 percent of families said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 6 percent of families, an increase by +1 from last month. The overall mobility net score is at 0.

Axis My India further evaluated consumers’ views on the Russian invasion of Ukraine and the crisis that followed. Gauging consumers’ view on India’s stand, the survey discovered that 55 percent believe that India was right in not criticising Russia over the invasion of Ukraine. This reflects the countrymen’s confidence in the governments to take decisions based on national and strategic interest.

Catching the excitement and thrill around the IPL, the survey discovered that a huge 33 percent will be watching the season on television at home or outside (mall/pub/friends’ place) while 10 percent showed interest in digital viewing. Only 2 percent reported enjoying the match live from the stadium. Marketers are thus expected to park a huge percentage of their ads on Television and Digital platforms being the most preferred medium as per the survey.

Assessing consumers’ views on buying non-essential summer- related products, Axis My India’s survey found out that 18 percent are planning to buy air-conditioners/fridge or replace an old one this summer season. However, 65 percent are still maintaining caution.

The CSI – Survey furthermore captured consumer’s views on summer vacation/holiday plans. 13 percent are considering domestic travel while only 1 percent is looking to go for an international trip. A majority of 84 percent is still averse of major traveling for leisure.

In an attempt to understand consumer’s behaviour on information seeking, Axis My India discovered that 60 percent depend on the internet while seeking new information. However, 41 percent reports Television as the most trusted source of information followed by digital medium– the view of 33 percent and print – the view of 22 percent.

This draws an interesting co-relation between the nature of the medium and the kind of need it fulfils of a consumers. While Digital caters to urgency, television caters to accuracy and honesty needs of the consumer seeking information.