As we celebrate India’s 75th year of Independence, nearly 56 per cent of Indians believe that India will be a developed economy when it touches 100 years, reveals the latest findings of the Axis My India’s India Consumer Sentiment Index (CSI).
The survey also reveals that 34 per cent citizens want the government to combat inflation, while 28 per cent seek improvement in employment opportunities. Moreover, a majority of 44 per cent believe that their living standard has improved in the last few years while 40 per cent attribute the same improvement to the last 8 years.
Pradeep Gupta, Chairman and MD, Axis My India, commenting on the CSI report, said, “A sense of resilience, a belief in home-grown brands and an optimistic outlook towards the future is noteworthy. While inflation and lack of employment opportunities continues to be of concern, a major chunk believe that their living standards have improved in the last few years and as we come close to the 75th year of independence, Indian citizens are certain that India will be able to fight against all odds and most likely become a developed nation when it touches 100 years.”
The survey, which was carried out with a sample size of 10,205 people across 34 states and UTs, through Computer-Aided Telephonic interviews, received responses from 71 per cent of rural citizens and 29 per cent from urban counterparts. Moreover, 64 per cent of the respondents were male, while 36 per cent were female. In terms of the two majority sample groups, 35 per cent reflect sentiments of 36 to 50-year-olds, while 29 per cent reflect 26 to 35-year-olds.
The survey further revealed that 92 per cent of citizens claim that they would prefer domestic brands, while 6 per cent say they would buy Indian as well as imported brands. Around 63 per cent claim that they are prepared to pay more for environmentally friendly or natural products.
The report found that only 39 per cent of Indians have processed digital/online payments, while 61 per cent have still not ventured into the digital medium for payments. It also revealed that advertisement influences 38 per cent of citizens’ purchase decisions.
The survey also discovered that 73 per cent Indians are more health conscious and are eating more healthy food post the Covid-19 pandemic and 44 per cent agree that their kid’s education and learning were severely impacted by the online mode of education. Only 25 per cent believe that it had no impact.
The report, while highlighting a massive improvement in gender equality sentiments, revealed that 96 per cent agree that men and women should share household responsibilities equally.
The survey reveals that consumption has increased across 3 out of 5 relevant sub-indices; i.e. overall household products, essential products, health products and media consumption. The report also highlights the “trend of how the consumer sentiment has fluctuated across the year, from coming out of the effect of the delta variant to the rise of sentiment during the festive season last year, the dip again during the Omicron variant scare and now the concern because of rising inflation.”
The August net CSI score stands at +9 which remained the same as last month. This is calculated by percentage increase minus percentage decrease in sentiment. The consumer data intelligence company’s August report explores the citizen’s view across key facets of the growing Indian economy, including the expectations from the government to improve life and livelihood. In addition to this, findings also unravels the shift in mindset with regards to social, environmental, and national issues.
As per the survey, household spending increased for 61 per cent of families reflecting a 2 per cent increase from the last month, while the spending on essentials goods like personal care and household items also increased for 45 per cent of families, up 1 per cent over the last month.
Expenses on non-essential and discretionary products such as air conditioners, cars and refrigerators remained the same for 88 per cent families, while the same has increased for around 6 per cent families. The report also reveals that the consumption of health-related items has also increased for 38 per cent families, down from 35 per cent in July’s report. Media consumption has also increased for 19 per cent of respondents, up 2 per cent from last month.
Around 87 per cent Indians claimed that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected among 6 per cent families, a dip by 1 per cent from last month, as per the survey.
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