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Axis My India - India Consumer Sentiment Index


Axis My India launches India Consumer Sentiment Index; the overall Consumer Sentiment shows a positive shift in momentum

Axis My India, a leading consumer data intelligence company, announced the launch of India Consumer Sentiment Index(CSI), a detailed trend analysis which will track real time shifts in consumer sentiment nationally.

A monthly index, the CSI will focus on providing intelligence and insights from the length and breadth of the nation, analysing several subtleties and nuances that influence perceptions and compile them into a consolidated scoring system based index. The consumer sentiment scores will be based on a moving average of adult residents across all states and Union Territories in India.

The sentiment analysis will delve into 5relevant sub-indices –Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends.

The CSI follows the methodology of a national representative random probability sample as used in the standardised CATI(Computer aided telephonic interview)methodology, covering all geographic and demographic segments across all states and Union Territories in India.

Commenting on the launch of the report, Pradeep Gupta, CMD, Axis My India, said, “The India Consumer Sentiment Index is our endeavour to capture the shifts in the pulse of the demographic as we navigate a radically altered post-pandemic world. We have selected relevant categories like inflation in household spends and expenditure on healthcare to account for everyday challenges affecting a significant percentage of the population. While the second wave negatively impacted economic sentiment around employment and business prospects, the index will aspire to demonstrate the accurate picture based on the remodelling of the vaccine distribution strategy, which has shown encouraging results. By plugging into economically and culturally significant data-points, the CSI will try to gauge, interpret,and predict the impact of macro factors on the lives of the average Indiaacross demography & geographies. Our mission is to bring out the most authentic voices via the rigour of data and analytics”

All interviews are conducted through CATI, among nationally representative sample of 10865adults. Surveys are weighted in each district by age, gender,occupation,and region.

Key findings:

  • With the second wave of Covid subsiding and normalcy slowly starting up,the household spends has increased for 54% of the families. The household spend net score which is % increased -% decreased is at +39.This spend pattern is the same across Urban & Rural markets but the increase is much more in North with 61% as comparedto the other zones.
  • Carrying the same trend, spends on essentials like personal care & household care products is up for 43% of families, while it’sdecreased for 27% families. The essential consumption net scoreis at +16.The difference is in eastern India where consumption has only increased in 31% households.Also housewives are more reluctant to spends on essentials as compared to the working population.
  • Keeping in mind long terminsecurity the spends on non-essential & discretionary items like durables, car has increased only for 15% families with 58% saying it is the sameand decreased for 27% families. The non-essential consumption net scoreis at -12.Again,North shows a better sentiment on non-essentials with an increase for 22% families.
  • Health still remains an important consideration, with consumption on health-relateditems has increased or remained same for 78% of familiesand decreased only for 22% families. This decrease is 27% in western India. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments, has a value of -19.
  • Consumption of media has increased for 28% families, decreased for 25%& remained same for 47%. The net score of media is at +3.Media consumption increase is highestin the 18–25-yearage group which are still not going out to the extent the other age groups are.
  • In terms of mobility 92% families saying they are going out the same or less on short vacations / mall / restaurants, with the overall mobility score at -24

The overall Consumer Sentiment Scoreis moving in the positive direction with a score of +0.5 over the previous month.The overall consumer sentiment score is calculated by % Increase -% Decrease and is expressed as a number from -100 to 100; the score is negative when the sentiments show more decreaseas compared to increase, and positive in the opposite situation.

Apart from the capturing sentiments which is the measure of overall consumer confidence, the study also captured some interesting trends on topical matters:

  • 59% people said either offices should be opened or there should be a hybrid model of working which should be applied in terms of work.
  • Interestingly 80% of families said schools should be open, which shows that parents are increasingly concerned about overall child development which has happened in the last one year. Surprisingly, in comparison to national average only 56% parents in South want the schools to open. Almost 100% of the younger age group want the schools to open.
  • 74% mentioned that availability of Covid vaccines is now easier.
  • With special focus to the rural households, 81% of the individuals were confident of a good kharif season on the back of a normal monsoon this year.

42% Families to spend more or same this festive season, finds Axis My India study on Consumer Sentiment.

Over 10482 people surveyed across 28 states and 7 UTs.

Discretionary spending rises for 21% households on account of festive season.

88% of office going individuals were happy with the offices reopening.

79% of the households report increased or same healthcare related expenditure.

83% of households still averse to domestic or international travel.

Axis My India, a leading consumer data intelligence company, released its findings of the India Consumer Sentiment Index, a monthly analysis of consumer perception on a wide range of issues, for the month of August.

The net CSI score, calculated by subtracting the percentage increase from the percentage decrease in sentiment, was recorded at +6,rising at the fastest pace over the last month, indicative of a positive shift in consumer consumption metrics.

The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends.

The surveys was carried out via Computer Aided Telephonic Interviews with a sample size of 10482 people. 72% of the people surveyed were male and 28% female. The respondents were from 28 states and 7 Union Territories.

Commenting on the August report, Pradeep Gupta, CMD, Axis My India, said, “As the festive season approaches, consumers are slowly stepping out–as proven by increased numbers for nonessential spending and mobility. This should have a positive effect on the hospitality industry which has been severely affected due to the pandemic. Tourism, however, continues to be a concern as 83% of the respondents are still averse to travelling. Economic sentiment is looking buoyant with ~64% of the respondents expecting the Sensex to cross 60,000 before the end of this year. Along with the nation-wide vaccination drive, over 96% respondents pledging to adhere to all covid protocols, it is hoped that there will not be a surge in cases post the festive season. A net positive score of an additional 5.5 points over the last month indicates a steady progress towards social and economic normalcy, with this trend expected to improve further in the next few months. Overall, we hold a cautious but optimistic outlook on consumer sentiments. By plugging into economically and culturally significant data-points, the CSI will try to gauge, interpret, and predict the impact of macro factors on the lives of the average India across demography & geographies. Our mission is to bring out the most authentic voices via the rigour of data and analytics”

Key findings:

  • Overall household spending has increased for 56% of the families which is an increase of 2 percentage points, the same figure being 54% last month. Increase is highest in North India at 61%. The net score is at +42.
  • The spends increase on essentials like personal & household care is at 47%, an increase of 4 percentage point over last month. The net score is +21.
  • Spends on non-essential & discretionary products is still cautious with 21% families mentioning an increase but which is still a growth as the same figure was 15% in July. This shows the festive spirit slowing building up with the net score having increased to +9 from -12 last month. Interestingly, the sentiment increase is highest in Rural India.
  • Health still remains an important consideration, with consumption on health-related items has increased or remained same for 79% of families and decreased only for 21% families. 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 -24.
  • Consumption of media has increased for 25% families & remained same for 47%. The corresponding increase figure was 28% last month. Net score is at -3. The media consumption increase is highest in the 18-25 year old age group at 32%.
  • In terms of mobility 93% families saying they are going out the same or less on short vacations/mall/restaurants, with the overall mobility score is at -8 which is an improvement over last month which was at -24.

On topics of current national interest:

  • When asked will you shop more or less this festive season, 42% of families said they will shop more or same as compared to last year. This gives an indication that there is sense of cautious optimism and the pent-up demand or degree of revenge shopping which happened last year might not be the same this year. This expected increase in spends is higher among private & government service employees.
  • 8% of the office going individuals were happy that offices are starting to open and felt that productivity is better from office.
  • 83% are not yet looking at a travel/holiday this year and 15% mentioned they would only travel domestically.
  • Showing a sign of self-maturity, 96% people said they will implement Covid appropriate behaviour this festive and hopefully this will reduce the level of cases in case the 3rd wave strikes.
  • On current euphoria around the Sensex, of those who invest, 64% believe that the BSE Sensex will cross the mark of 60,000 in the next few months with 29% saying it will come down. Additionally, in a true reflection of Indian investor population there is still a vast majority of 74% who don’t invest yet in stock market.

Axis My India - CSI survey : 40% of India have watched IPL at least once this season, 31% of those watched have viewed it on a digital platform (OTT)

Over 10639 people surveyed across rural and urban India in between 10th September and 30th September 2021.

46% of families will shop clothes over big ticket items on account of Dusshera/Diwali.

6% of the families will use their personal savings for making purchases this festive season.

40% of India has watched IPL atleast once, 31% of those watched have viewed it on a digital platform.

Overall consumer sentiment rises by 1 point in October over last month.

33% are buying electronics online while high value items like jewellery; and groceries, are still bought physically.

27% have increased their usage of UPI/wallet payments, 49% still don’t use it.

Axis My India, a leading consumer data intelligence company, released its findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues, for the month of September.

The net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +7, rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics.

The sentiment analysis delves into 5 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 Consumer Sentiment Index also delved deeper to understand perception around festival spends, pre and post Covid behavioural changes in terms of online purchase and UPI/wallet payment and citizen’s interest in IPL.

The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10639 people. 59% belonged from Rural India while 41% belonged from urban counterparts covering 28 states and 8 union territories.

Commenting on the September report, Pradeep Gupta, CMD, Axis My India, said, “As the pandemic retreats, we are seeing a steady return to normalcy, but with a cautious control over spending considerations. This is highlighted in the survey as 46% of the respondents will prefer spending on small ticket items such as clothes, while only 11% of the respondents will consider buying a two-wheeler or car. Expenditure on household essentials is more or less same since the last two months. However, expenditure on healthcare decreased compared to last month, suggesting people are being decreasingly affected by the pandemic. While 27% respondents reported an increase in UPI transactions, almost 49% still don’t use UPI/Wallets, suggesting a tremendous opportunity in digital payments. IPL has proved its unparalleled reach and what is emerging as a trend is that audiences are increasingly viewing it on digital especially in tier 3/rural markets which still have electricity cuts & are single TV households."


All Score
CSI Indices
Household

Key findings:

  • Overall household spending has increased for 56% of families which is same as last month.
  • The spends increase on essentials like personal & household care is at 45%. The net score is almost the same as last month which is at +20.
  • Spends on non-essential & discretionary products like AC, Car, Refrigerator increased for 19% of families. This increase is highest in North & East whereas the increase in South is only 8%. This increase still reflects an overall decrease by 2 percentage points from the previous month which stood at 21%. This can also be because 20th Sep – 6th Oct is considered the ‘Shradh period’ when high value purchases are postponed. The non-essentials September net score is at +7.
  • Health continues to be an important consideration, with consumption on health-related items being increased for 44% of families and decreased only for 19% families. 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 -25.
  • Consumption of media reflects increase for 26% families, with an increase of 1 percentage point over last month & consumption remained same for 48%. Net score has improved from -3 last month to the base value of 0 this month.
  • Constant improvement in mobility net score is being recorded since past three months which indicates a steady return to normalcy. In terms of mobility 88% families are saying they are going out the same or more on short vacations/mall/restaurants, with the overall mobility score is at -5 which is an improvement over last month which was at -8. This reflects a slight progress in people’s sentiments in terms of conducting outside activities.

On topics of current national interest:

  • When asked on shopping plans for Dusshera/Diwali, 46% of families said they will shop clothes while only 11% intend to buy a 4-wheeler or a 2-wheeler. More than 88% of the families denied any interest in buying white goods (AC, TV, Washing Machine, and Refrigerator) or jewellery this festive season. In addition, 92% showcased negative sentiment towards buying home, plot, or a commercial property. The consumer sentiment for the month also reflects that 76% of the families will use their personal savings for making these purchases while only 21% would prefer taking loan from the bank or financial companies. This gives an indication that while buying spirit is moderate this festive season, the ticket size for purchase still remains small reflecting a cautious spending behaviour without denting one’s personal savings.
  • In terms of online shopping behaviours 33% are buying electronics like laptop, mobile etc. online while high value items like jewellery and groceries (fresh food, rice, oil and meat) are still bought physically, indicating the view of 90% and 92% of the consumers respectively. Furthermore, banking and investment behaviour reflect a combination of both offline and online hybrid behaviour standing at 19%.
  • 40% of Indian’s mentioned that they have watched IPL at least once. When asked, where will you continue to watch the remaining season of IPL, 31% of those who watching mentioned that they are watching it online. Interestingly percentage of audience watching online is higher in Rural India.
  • Reflecting a transformation in consumer payment behaviour in the post-covid period, 27% have said that they have increased their usage of UPI/wallet payments (Paytm/Phonepe, Google Pay) while 49% still don’t use these online transaction mediums. Interestingly the increase in usage of UPI payments is gradually decreased with increase in age of respondents. The increase is highest for the age group of 18-25 years which is at 36%.

Axis My India - CSI survey : With 63% of consumers spending more in Oct 21, personal care & household care products registered highest consumption.

Over 10430 people surveyed 62% is from rural India while 38% is from urban India.

Overall household spending has increased for 63% of families surge by 7 percentage points from last month.

50% of families reflect increase spends on essentials items, 18% of households reported an increase in Non-essential purchases.

88% families are going out the same or more with lesser restrictions.

46% is in agreement to privatisation of loss making public sector companies.

41% believes that the economy will bounce back by January 2022.

48% are optimistic of shifting to electric vehicle as fuel prices continue to rise.

Digital (38%) is now the 2nd most important source of brand awareness after TV (44%).

A majority, 22% still prefers to park their money in savings account, 4% relies on Gold, 40% still don’t invest and interestingly still 2% park their money in post office savings.

36% of the consumers are planning to go beyond small-ticket purchases.

59% of the consumers hope for a more cheerful and happy Diwali this year compared to last year.

Axis My India, a leading consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. According to the survey, percentage of consumers spending across essential have increased, while spends on discretionary products have remained same. Consumers are further planning to go beyond smaller purchases; 24% are looking to spend on household or personal items like white goods, furniture, electronics and jewellery this Diwali.

The November net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +9, up from +7 last month and rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics. The sentiment analysis delves into 5 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 Index also delved deeper to understand consumers view on varied issues of national interest. These include privatisation of loss making public sector companies like that of Air India, views on economic recovery by 2022, alternatives to rising fuel prices, investment preferences, sentiments around Diwali and on brand advertisement placements.

The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10430 people. 62% belonged from Rural India while 38% belonged from urban counterparts.

Commenting on the Ocober report, Pradeep Gupta, CMD, Axis My India, said,"With the festivities at its peak, one can easily witness consumer’s excitement in terms of loosening their purse strings for varied expenses and experiences. While Diwali has triggered spending on products of personal indulgence (like 2-wheeler/4-wheelers or jewellery) and household items, the upcoming festivities and enthusiastic consumer sentiment will further set the momentum for the last half of this year. In addition, one can also witness a transition in terms of preferences amongst consumers’ like opting for EVs or cheering for privatisation of loss making companies. The growth of digital as a medium of advertising overtaking Print & just after TV reflects the change in media consumption habits which was triggered by the pandemic. Lastly our survey shows that a vast majority of India is still not investing in this age of cryptocurrencies, it would be interesting to see how financial players beyond traditional banks can capture and convert their interests for investments using varied instruments."


All Score
CSI Indices
Household

Key findings:

  • Overall household spending has increased for 63% of families which reflects an 7% increase from the last month. This increase is highest in Northern India.
  • The increase in spends on essentials like personal care & household items stands at 50% reflecting a surge by 5%. The net score which was +20 last month has increased to +27 this month. The growth in Rural India is slightly higher as compared to Urban markets.
  • Spends on non-essential & discretionary products like AC, Car, Refrigerator has increased for 18% of families. For 73% spends on non-essential purchases remain the same which reflects an uptick of 3% from last month. The non-essentials November net score therefore lies at +9. The trend on spends on discretionary products reflect a fine balance between caution and indulgence.
  • With more exposure to outside activities, importance of health bounced back quickly. Consumption on health-related items increased for 47% of families as compared to 44% 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.
  • Consumption of media remains the same for a majority of 48% families and increased for 25% of the family, reflecting an overall Net score of -2 as compared to base value of 0 for the previous month.
  • Mobility net score reflects a constant improvement over the last four months. 88% families said that they are going out the same or more on getaways/staycations /mall/restaurants, with travel bans being lifted and double vaccination providing easier movement opportunities. The overall mobility score is at -4 which is an improvement over last month which was at -5. This reflects slow but consistent progress in people’s sentiments for engaging in out of home activities

On topics of current national interest:

  • While the long awaited sale of Air India to the Tata group reflected a hopeful future for the airline. Axis My India further gauged consumer’s sentiment on whether or not the government should privatise other loss making public sector companies. 46% is in agreement to privatisation of such companies while 36% disagreed with this view.
  • When asked if economy/livelihood and business is expected to bounce back by January 2022, 41% believes that the same is possible and Southern India being more optimistic with 54% agreeing to this.
  • With rising prices fuel being a concern, 48% are optimistic of shifting to electric vehicles wherein 33% and 15% said that they will consider buying a 2-wheeler and 4-wheeler respectively in this segment. The younger age group of 18-35 have a more likelihood, with 53% in agreement to an EV shift.
  • In terms of brand advertisement placements, 44% and 38% of the consumers said that they have majorly seen ads on Television and on Digital platforms respectively. While only 11% and 7% of the audience believe that they have seen ads on Print or Outdoor. This reflects the changing media consumption habit and the surge both in Digital consumption & advertising. This digital growth is led by 26-35 yr audience.
  • Sharing their views on financial planning, a majority of 23% still prefers to park their money in savings account, while a combined 12% prefers to invest in Fixed Deposits, Shares/stock market and mutual funds. Gold is still seen as a reliable investment option for 4% of the consumers. 40% of the audience still don’t invest and interestingly 2% still save their money in post offices.
  • Gauging views around the Diwali festivities, Axis My India, further discovered that 36% of the consumers are planning to go beyond small-ticket purchases this festive season. While 24% are looking to spend on household or personal items like White Goods (AC, TV, Washing Machine, Refrigerator etc.), furniture, electronics and jewellery; 9% is looking to buy a 4-Wheeler or a 2-Wheeler. Further from a purely sentimental outlook, 59% of the consumers reflect the view of a more hopeful and cheerful Diwali this year!