Mumbai : 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 June finding reports consumer views on the impact of increased interest rates on household spending. The survey also gauged respondent’s views on the most resonated leaders in the corporate and in the political ecosystem amongst youth. Indian industrialist, philanthropist, and former chairman of Tata Sons – Ratan Tata with 28% and Prime Minister Narendra Modi with 48% secured the majority votes for the same.
The June net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was down to +10, from +12 last month
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 & mobility trends.
This month, Axis My India’s Sentiment survey delved deeper to understand media consumption trends across varied platforms. The report also gauged consumer views on most resonated corporate and political youth leaders. Finally the findings reflected consumer’s outlook on the direct impact of the increased interest rates on household spending.
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10613 people across 28 states and 8 UTs. 73% belonged to Rural India, while 27% belonged to urban counterparts. In addition, 65% of the respondents were male, while 35% were female. In terms of regional spread, 22% belonged to Northern parts, 24% belonged to Eastern parts while 30% and 24% belonged to Western and Southern parts of India. In terms of the two majority sample groups, 35% reflect the age group of 36YO to 50YO, while 29% reflect the age group of 26YO to 35YO. In addition, 65% represent the male population while 35% represent the female population.
Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said, “The rise in inflation have impacted spending across essential, discretionary and luxury commodities. The high prices have taken away the purchasing power of the consumers wherein they are forced to restrict their expenses. This downward sentiment is not alone reflected in the expenditure side, media consumption has also dipped by 3% from last month. However, one can witness a slow and steady shift from television to digital media consumption with a higher time spent on digital. Given the interactive nature of the digital media, almost 42% have also interacted with formats like reels opening up lots of opportunities for brands and organisations to reach their younger audience. These younger spirits are however extremely aware of brands and leaders who are contributing towards the country’s social, political and economic developments. This is reflected in their choice of aspirational leaders like Narendra Modi, who is incidentally also celebrating 20 years of efficient & effective governance, and Ratan Tata who with their years of leadership, business philosophy and philanthropy have won the hearts of millions.”
On topics of current national interest:
- More and more Indian organisations are expanding their footprint towards corporate social responsibility and global leadership under exceptional leaders. To understand consumer’s perception on the same, Axis My India surveyed the youth about their preferred corporate leaders. Veteran Indian industrialist, philanthropist, and former chairman of Tata Sons, Ratan Tata was voted by the majority at 28%. This was despite Mr. Tata not being actively involved with the day-to-day business aspects and shows the importance of a strong trustworthy leader. He was followed by Mukesh Ambani, Chairman & MD, Reliance Industries at 20%. Other leaders that were noted include Anand Mahindra, Gautam Adani, Narayan Murthy and Chandrashekhar.
- The CSI – Survey furthermore captured Indian Youth’s consideration in terms of the most resonating political leader. Among a vetted list of personalities, it was discovered that Prime Minister, Narendra Modi enjoyed the vast majority vote representing the choice of 48% of people, distantly followed by Arvind Kejriwal at 8% and Rahul Gandhi at 6% who was third in the list.
- Axis My India further evaluated consumers’ views on the increased rates (loans) announced by the government. The survey discovered that 75% believe that the increase in rate will directly impact household spends. However, 19% believe otherwise.
- The survey further dug deeper to understand media consumption trends among consumers. As per the survey a majority of 20% said that on an average day, they spend 1hr-2hrs watching TV. In addition, 18% spend 30mins-1hr watching TV. In terms of Digital medium, 19% said that on an average day, they spend 1hr-2hrs on the internet. A second group of 16% said that they prefer investing 2hrs-4hrs on the internet. The average time spent on digital is 66 minutes and digital is 105 minutes. The findings reflect a close competition between the two mediums and a slow but steady shift towards digital media consumption.
- The survey further explored respondents interaction with video-focused social networking formats like Instagram Reels, YouTube Videos, Facebook and Sharechat etc. Around 42% respondents accepted seeing or making content on video-focused social networking formats. Moreover, a majority of 34% revealed that YouTube was their most visited platform followed by Facebook (28%), Instagram Reels (25%), Sharechat (6%), Moj (3%) and MX Taka Tak (1%)
|Political Leader who resonates most with Indian Youth||%|
|YS Jagan Mohan Reddy||1|
|Don’t Know/Can’t Say||13|
|Corporate Leader who resonates most with Indian Youth||%|
|Don’t Know/Can’t Say||36|
- Overall household spending has increased for 61% families which reflects a 5% dip from the last month. The net score which was at +58 last month has decreased by -6 to +52 this month.
- Spending on essentials like personal care & household items has increased for 46% of the families. Spends however remain the same for 34% of the families. The net score which was +29 last month has reduced by -3 to +26 this month.
- Spends on non-essential & discretionary products like AC, Car, Refrigerator has increased for 8% of families reflecting a major dip of 6% from last month. Spending nevertheless remains the same for 86% families, reflecting an increase of 6% from last month. The net score which was at +8 the previous month has dipped to +2 this month
- Consumption of health-related items has increased for 36% families, a dip by 2% from last month. Consumption more or less remains the same for 49% of the families, an increase by 2%. 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 as compared to -23 last month.
- Consumption of media remains the same for 58% of the respondents. Consumption has increased for 20% of families, marking an overall dip by 3% from last month. The overall, net score which was at -2 in the last month is remains same at -2 this month.
- 87% families said that they are going out the same for short vacations, malls and restaurants, a surge of 2% from last month. Increased travel is reflected only among 7% of families, a decrease by 1% from last month. The overall mobility net score is at +1.