52% said that the time spent on digital has increased compared to the previous year – as per Axis My India January CSI Survey

Axis My India has released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. The report for the month of January highlights that media consumption has increased for 21% of the people. The increased consumption of digital media is reflected as 52% said their time spent on digital has increased in the last one year. Here Facebook was the most used social media app by 26% whereas Flipkart was the most used e-commerce platform. The survey further captured interest and enthusiasm for sports and cricket tends to rule the hearts of people with 46% mentioning that they liked watching the T20 World Cup, 25% liked to watch the IPL & 16% liked the FIFA WC.

The January net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +08, from +07 last month reflecting an increase by 01 points.

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 10019 people across 36 states and UTs. 70% belonged to rural India, while 30% belonged to urban counterparts. In terms of regional spread, 25% belong to the Northern parts while 27% belong to the Eastern parts of India. Moreover, 28% and 20% belonged to Western and Southern parts of India respectively. 61% of the respondents were male, while 39% were female. In terms of the two majority sample groups, 30% reflect the age group 36YO to 50YO

and 27% reflect the age group of 26YO to 35YO.

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said “Our Consumer Sentiment Index shows that the sentiments were highest in H1 of 2022 post which it dipped slightly but overall, we ended 2022 with consumer sentiments better than 2021 & much better than 2020. Media consumption trends are growing rapidly with the evolving times. The growing dependency on internet has impacted all spheres of the consumer’s life. The trend of watching content at the go is on the rise and consumers still believe that the best way to get in touch with people is through social media. The potential of the world-wide-web is huge and is only evolving and one can only expect it further enrich consumer experiences. Moving forward, the intent to invest & save more in 2023 reflects the current environment of resilience & cautious growth.”

Key findings:

Overall household spending has increased for 55% of families, decreased by 1% compared to last month. The net score which was +48 last month has decreased by 1 to +47 this month
Spends on essentials like personal care & household items has increased for 41% of the families, which reflects a decrease by 5%. The net score which was at +28 last month, decreased by two at +26 this month
Spends on non-essential & discretionary products like AC, Car, and Refrigerator has increased for 7% of families, which reflects a decrease by 1% from last month. The net score, which was at -1 last month has increased to +2 this month, showcasing an upward sentiment
Expenses towards health-related items such as vitamins, tests, healthy food has surged for 39% of the families. This reflects a decrease in consumption by 3% from last month. 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 -27, which remained same as last month
Consumption of media (TV, Internet, Radio etc.) has increased for 21% of the families, which is same as last month. The overall, net score, which was at -2 last month, remains the same
Mobility has increased for 7% of the families, which reflects an increase by 1% from last month. The overall mobility net indicator score which was at -2 last month, has reported +2 this month

On topics of current national interest:

According to Axis My India’s CSI Survey household expense increased for 73% of families than the previous year. 50% of the surveyed thought that high costs of products & services due to inflation affected the household expense, 19% mentioned that the increased expense is because of increased health related expenses.
In attempt to understanding the investment patterns for consumers during the new year 16% of the people surveyed said that they will invest this year and 40% said that they would invest in MF, Insurance, Gold, Stock Markets etc. and other 16% would invest in real estate. 34% of the people would like to invest for their children’s education. 30% of people resonated the idea to save more this year
Exploring sentiments around sports and sporting event 46% mentioned that they liked watching the T20 World Cup, 25% liked to watch the IPL & 16% liked the FIFA WC.
Demystifying the nature of consumer’s purchasing power, the survey unveils that 49% shopped through Flipkart and 24% from Amazon. 38% would buy apparels during the year end/ new year sale. 13% mentioned that they looking to buy a 4 or 2-wheeler.
The survey also threw light on social media habits of consumers, with 35% of people who surveyed used Facebook more, 25% watched content on YouTube. 52% of people informed that their consumption of mobile/ internet has increased.
The survey also highlighted that 62% believe that the current government has been able to handle India’s economic situation better than other countries this year and the expectation for 2023 is creation of more employment opportunities.

Disclaimer: Information mentioned here has not been verified or endorsed by Agency Reporter and is in accordance with the press release shared by the company or their appointed representatives.