National, 6th March 2023: 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. The March report reveals that consumer sentiments are positive towards the 2023 Budget announcement and overall, the sentiment remains optimistic that the economy will continue to grow in 2023, owing to the country’s robust fight against all obstacles last year. Moreover, 72% think PM Narendra Modi is India’s most influential person and Covid management, infrastructure development, and welfare schemes were some of the key achievements of the BJP government. The survey further highlighted that sentiments have dipped across 4 out of 5 sub-indices. While purchase of health related item like vitamins, tests, healthy food has increased, sentiments have slightly dropped towards essential and non-essential spends.
The March net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +8, from +10 last month reflecting a decrease by 2 points.
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, entertainment & tourism trends.
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10124 people across 36 states and UTs. 65% belonged to rural India, while 35% belonged to urban counterparts. In terms of regional spread, 26% belong to the Northern parts while 30% belong to the Eastern parts of India. Moreover, 24% and 20% belonged to Western and Southern parts of India respectively. 67% of the respondents were male, while 33% were female. In terms of the two majority sample groups, 31% reflect the age group 36YO to 50YO
and 27% reflect the age group of 26YO to 35YO.
Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said “The Indian Budget 2023 focused on reviving the economy, which was impacted by the COVID-19 pandemic and various other obstacles. The government announced various measures for citizens’ financial empowerment and improved standard of living. This was highly appreciated across the country. PM Modi being rated as the most influential person in India by far is no surprise. At an overall level, while consumer sentiments are subdued, it is expected to revive soon, driven by various factors such as improving economic conditions, growing consumer confidence, and changing consumer behaviour. Moreover increasing adoption of e-commerce and digital payments is likely to drive consumer spending in the near future.”
On topics of current national interest:
· As we move towards the 2024 Lok Sabha elections, Axis My India Consumer Sentiment Survey also attempted to understand the BJP’s (Bharatiya Janata Party) contributions towards the country. Basis the same, the survey revealed that handling Covid(16%), infrastructure development (14%), and welfare schemes (11%) have been some of the key achievements of the current BJP government.
· The survey also discovered that 72% believe Prime Minister Narendra Modi to be India’s most influential person, followed by Rahul Gandhi at 5%, Mukesh Ambani at 4% and Yogi Adityanath at 3%
· Axis My India CSI survey deep dived to understand citizens’ sentiments towards the 2023 Union Budget. The survey found out that 52% were pleased with the announcement, which sets out on a quest to fulfil the dreams of the corporates, farmers, and the middle class. However, 29% rated the budget unsatisfactory and only 10% had a neutral stance towards it.
· Further investigating sentiments, the study discovered that 72% believe that Indian economy would continue to grow in 2023 in comparison to previous year. The optimism stems from the country’s superior performance in dealing with unprecedented obstacles such as Covid, the Russia-Ukraine war, control of inflation as compared to other nations.
· The survey also highlighted that 43% believe that Sensex will go beyond 70,000 in the next three months. Whereas 25% believe that, it will remain between 55,000 to 65,000. Additionally, 18% believe that it will drop below 50,000.
· The survey also threw light on the OTT (Over-the-top) viewing behaviour of viewers:
– 29% spend 1-3hrs on watching content on OTT platforms, while 26% spend upto 30 minutes on OTT platforms. 23% watch content for 31mins-1hr and interestingly there are 8% who watch it for more than 3 hours.
– Moreover, the survey also discovered that 24% share their OTT passwords with their friends & family.
Key findings:
· Overall household spending has increased for 58% of families, decrease by 1% from last month. The net score, which was +52 last month has decreased by 1 to +51 this month.
· Spends on essentials like personal care & household items has increased for 36% of the families, which reflects a dip by 4% from last month. The net score, which was at +29 last month, has decreased by 6 to +23 this month.
· Spends on non-essential & discretionary products like AC, Car, and Refrigerator has increased for 4% of families, which reflects a decrease by 1% from last month. The net score, which was at +1 last month, is at zero this month. Sentiment towards discretionary spending has steadily decreased over the last four months.
· Expenses towards health-related items such as vitamins, tests, healthy food has surged for 35% of the families. This reflects an increase in consumption by 2% 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 -24 this month.
· Consumption of media (TV, Internet, Radio etc.) has increased for 19% of the families, which reflects a decrease by 1% from last month. The overall, net score, which was at 0 last month, is at -1 this month
· Mobility has increased for 7% of the families, which reflects a decrease by 2% from last month. The overall mobility net indicator score, which was at +2 last month, is at zero this month.
