57% consider the brand’s reputation while making a purchase: Axis My India CSI Survey

Axis My India releases its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. The July report highlights that 25% of Indians watched IPL this year, which means a significant 75% didn’t watch IPL. The survey further discovered that 65% have watched IPL through television and 29% through digital platforms. These numbers gain significant importance given the unprecedented valuation at which the IPL media rights were recently sold.

The July net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +9, from +10 last month reflecting a very minor decrease by 1 point.

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 & mobility trends.

This month, Axis My India’s Sentiment survey delved deeper to gauge consumer views on petrol and diesel prices, interest on Indian Premier League and eagerness for movie hall experiences. The survey also strived to understand consumer’s thoughts on early retirement and factors that influences brand purchases.

The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10409 people across 35 states & UT’s. 70% belonged to rural India, while 30% belonged to urban counterparts. In terms of regional spread, 24% of each belonged to Northern and Eastern parts while 29% and 23% belonged to Western and Southern parts of India respectively. In addition, 63% of the respondents were male, while 37% were female. In terms of the two majority sample groups, 28% reflect the age group of 36YO to 50YO, while 21% reflect the age group of 26YO to 35YO.

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, says, “Overtime, consumer spending has reached a status quo bias where the keenness to increase consumption has been limited. This is mainly due to inflation and the after effects of pandemic which has made it difficult for consumers to see their nominal incomes recover to pre-pandemic levels. While in response to this the government has reduced the petrol and diesel prices, a major chunk of consumers are still looking for further ease. Similarly in media, one can witness respondents suffering from consumption fatigue which could be related to innumerable choice of content, ease in mobility and the availability of experiencing ‘cinema’ etc. The craze around IPL persists across platforms but whether this excitement justifies its high media rights, time will tell. Digital viewership is on a high trajectory. In terms of consumption behaviour, a significant proportion of consumers are increasingly taking their purchase decision basis reputation of the brand with price as the 2^nd key factor, which shows the growing maturity of Indian consumers.

Key findings:

Overall household spending has increased for 59% of families which reflects a 2% dip from the last month. The net score which was at +52 last month has decreased by -2 to +50 this month.
Consumption of media remains the same for 62% of the respondents, an increase by 4% from last month. Consumption has increased for 17% of families, marking an overall dip by 3% from last month. The overall, net score which was at -2 in the last month is at -3 this month.
Spends on essentials like personal care & household items remain the same for 37% of the families which is an increase by 4% from last month. Spending however has increased for 44% of the families, which reflects a dip by 2% (i.e. 46%) from last month. The net score which was +26 last month has reduced by -1 to +25 this month.
Spends on non-essential & discretionary products like AC, Car, and Refrigerator remains the same for 88% of families, reflecting an increase of 2% from last month. Spends however has increased for only 6% of families reflecting a slight dip of 2% from last month. The net score which was at +2 the previous month has dipped to 0 this month.
Consumption of health-related items more or less remains the same for 51% of the families, an increase by 2% from last month. Consumption has increased for 35% of the families, reflecting a dip by 1% 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 -21, same as last month.
86% said that they are going out the same for short vacations, malls and restaurants, a dip by 1% from last month. Increased travel is reflected only among 7% of families, same as last month. The overall mobility net score is at 0.

On topics of current national interest:

The survey dug deeper to understand factors that determine respondent’s purchase considerations. A majority of 57% consider the reputation of the brand as an important factor while purchasing from it while 31% further consider the price-point as vital factor. 8% said they are dependent on the availability of the product while 4% said that they consider advertising and marketing as important influencers for their decision.
Gauging consumer’s excitement around ‘cinema hall experience’ the Consumer Sentiment survey discovered that more than 10% have started going to movie theatres/halls for watching new films. However, 90% are still apprehensive of the same.
The CSI – Survey captured consumers’ interest around the Indian Premier League (IPL). A mighty 25% said that they have watched one or more match(s) this season. Additionally, more than half – 65% said they have watched IPL on television, while 29% said they have watched it on digital platforms. 2% said they have enjoyed the match from the stadium.
Axis My India evaluated consumers’ views on the reduction of fuel prices announced by the government. The survey discovered that 50% believe that the petrol and diesel cost should be further reduced, while 16% are not at all satisfied. Conversely 22% are aligned and happy with this reduced rate.
In an attempt to understand work related stress, the survey discovered that 13% are leaning towards an early retirement due to pressure and overbearing challenges at workplace.

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.