New Delhi: Consumers in India showed consistent improvement in purchases across essential and discretionary products, according to a monthly India Consumer Sentiment Index (CSI) survey by Axis My India.
Overall household spending increased for 66% of families in April, up 4% month-on-month.
The May net CSI score was up to 12 from 11 last month; it has been on an upward trajectory over the last four months. The index delves into five relevant sub-indices—overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits and mobility trends.
Meanwhile, spending on essentials like personal care and household products increased for 48% of families, while remaining the same as the previous month for 33% of the families.
The survey findings revealed a minimal increase in the consumption of media and health-related products and a marginal improvement in sentiments associated with mobility during the month.
Spends on non-essential and discretionary products like air conditioners, cars, and refrigerators increased for 14% of families reflecting an increase of 1% from last month. Spending nevertheless remained the same for 80% of the families.
Consumption of health-related items has increased for 38% of families, the survey findings revealed.
85% of families said that they are taking short vacations, and visiting malls and restaurants. Increased travel is reflected only among 8% of families.
The survey had a sample size of 10,166 people across 30 states and union territories. Of those surveyed, 69% belonged to rural India, while 31% belonged to urban markets. In addition, 68% of the respondents were male, while 32% were female.
“The evolved and re-energised consumer community reflects optimism towards increasing expenditure in discretionary spends showcasing their affinity to ‘what they want rather than what they need’. This provides a ray light for brand and marketers to tap towards the shifting priorities of consumers. While brands are striving to capture the instant gratification instincts of consumers there is a need to understand context and content to capture the right eyeballs,” said Pradeep Gupta, chairman and MD, Axis My India.
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