Household spending increased by more than 50%, shows Axis My India survey
The states, which reflected the highest increase, are West Bengal with 70 per cent, followed by Andhra Pradesh and Telangana with 61 per cent
- May 6, 2023,
- Updated May 6, 2023 2:45 PM IST
The overall household spending has increased for 56 per cent of families in April across rural and urban India, according to the India Consumer Sentiment Index, a monthly analysis of consumer perception compiled by Axis My India. The states, which reflected the highest increase, are West Bengal with 70 per cent, followed by Andhra Pradesh and Telangana with 61 per cent.
The net score of consumer sentiments on household spending decreased by 1 per cent compared to last month. It was +49 last month, which has decreased by 1 to +48 this month, the survey report said.
The findings are based on a survey of 10,206 people across India, of which 64 per cent are from rural areas and the rest of the 36 per cent are from urban areas.
Spending on essentials like personal care & household items has increased for 32 per cent of families, which reflects a dip of 1 per cent from last month. The net score, which was at +21 last month, remains the same this month. Essential spending has increased more for families with a monthly income of Rs 21-30,000 (37 per cent). Karnataka reflects the highest essential spending with 45 per cent, the report said.
Spending on non-essential & discretionary products like AC, Car, and Refrigerator has increased for 5 per cent of families; this reflects an increase of 1 per cent from last month. The net score, which was at 0 last month, is +1 this month. Discretionary spending has increased more for families with a monthly income of Rs 30,000 and above (8 per cent). Rajasthan reflects the highest non-essential spending with 10 per cent, the survey revealed.
The survey further showed that expenses towards health-related items such as vitamins, tests, and healthy food have surged for 31 per cent of the families. This reflects a decrease in consumption by 1 per cent 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 this month. Health-related product consumption increased more for females (32 per cent) and among the age group of 26-35 (about 33 per cent).
Consumption of media (TV, Internet, Radio etc.) has increased for 21 per cent of the families, which is an increase of 2 per cent from last month. The overall net score is at 2 this month. Media viewership has increased more among males (22 per cent) and among 18-25 years old (30 per cent) as compared to older age groups, highlighted the survey.
The report also said that mobility has increased for 7 per cent of the families, which is an increase of 1 per cent from last month. The overall mobility net indicator score, which was at -1 last month, is at +1 this month. 11 per cent of the youngsters from the age group of 18-25 have gone out more in the last month as compared to other age groups.
The survey revealed that a majority of 26 per cent plan to park their funds in savings accounts while 20 per cent plan to invest in their own business. Moreover, 16 per cent wants to invest in Health insurance / Life Insurance while 13 per cent wants to invest in real estate. 8 per cent is looking to invest in FD & RD (Fixed Deposits and Recurring Deposits) and 7 per cent in Gold. While the majority of the females (33 per cent) have favoured Savings Accounts, a majority of males have chosen to invest in Business.
In terms of education, almost 82 per cent of parents in India whose children go to private or international schools feel positive about sending their children to Government schools if it guarantees superior facilities and quality education, a survey report by Axis My India revealed.
The report further stated that of those surveyed, 51 per cent said that their children go to Government schools while 57 per cent said they go to Private schools. In rural India, 56 per cent of kids go to Government schools while 57 per cent of urban India go to private schools. Only 1 per cent said their children go to International schools, the report said.
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The overall household spending has increased for 56 per cent of families in April across rural and urban India, according to the India Consumer Sentiment Index, a monthly analysis of consumer perception compiled by Axis My India. The states, which reflected the highest increase, are West Bengal with 70 per cent, followed by Andhra Pradesh and Telangana with 61 per cent.
The net score of consumer sentiments on household spending decreased by 1 per cent compared to last month. It was +49 last month, which has decreased by 1 to +48 this month, the survey report said.
The findings are based on a survey of 10,206 people across India, of which 64 per cent are from rural areas and the rest of the 36 per cent are from urban areas.
Spending on essentials like personal care & household items has increased for 32 per cent of families, which reflects a dip of 1 per cent from last month. The net score, which was at +21 last month, remains the same this month. Essential spending has increased more for families with a monthly income of Rs 21-30,000 (37 per cent). Karnataka reflects the highest essential spending with 45 per cent, the report said.
Spending on non-essential & discretionary products like AC, Car, and Refrigerator has increased for 5 per cent of families; this reflects an increase of 1 per cent from last month. The net score, which was at 0 last month, is +1 this month. Discretionary spending has increased more for families with a monthly income of Rs 30,000 and above (8 per cent). Rajasthan reflects the highest non-essential spending with 10 per cent, the survey revealed.
The survey further showed that expenses towards health-related items such as vitamins, tests, and healthy food have surged for 31 per cent of the families. This reflects a decrease in consumption by 1 per cent 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 this month. Health-related product consumption increased more for females (32 per cent) and among the age group of 26-35 (about 33 per cent).
Consumption of media (TV, Internet, Radio etc.) has increased for 21 per cent of the families, which is an increase of 2 per cent from last month. The overall net score is at 2 this month. Media viewership has increased more among males (22 per cent) and among 18-25 years old (30 per cent) as compared to older age groups, highlighted the survey.
The report also said that mobility has increased for 7 per cent of the families, which is an increase of 1 per cent from last month. The overall mobility net indicator score, which was at -1 last month, is at +1 this month. 11 per cent of the youngsters from the age group of 18-25 have gone out more in the last month as compared to other age groups.
The survey revealed that a majority of 26 per cent plan to park their funds in savings accounts while 20 per cent plan to invest in their own business. Moreover, 16 per cent wants to invest in Health insurance / Life Insurance while 13 per cent wants to invest in real estate. 8 per cent is looking to invest in FD & RD (Fixed Deposits and Recurring Deposits) and 7 per cent in Gold. While the majority of the females (33 per cent) have favoured Savings Accounts, a majority of males have chosen to invest in Business.
In terms of education, almost 82 per cent of parents in India whose children go to private or international schools feel positive about sending their children to Government schools if it guarantees superior facilities and quality education, a survey report by Axis My India revealed.
The report further stated that of those surveyed, 51 per cent said that their children go to Government schools while 57 per cent said they go to Private schools. In rural India, 56 per cent of kids go to Government schools while 57 per cent of urban India go to private schools. Only 1 per cent said their children go to International schools, the report said.
Also Read: AI threat 'more urgent' than climate change, says godfather of AI Geoffrey Hinton