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73% said household expenditure increased for them compared to last year: Survey

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Kolkata: 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 January report reveals that sentiments have dipped across 3 out of 5 sub-indices. While spends across health products has reduced which is a good indication, sentiments on household spends and essentials also reduced marginally.

The survey further highlights that 73% of the consumers believe that their expenses have increased this year compared to the last and 50% believe that it is due to rising inflation, according to media statement.

The January net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +08, from +07 last month reflecting an increase by 01 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 10019 people across 36 states and UTs. 70% belonged to rural India, while 30% belonged to urban counterparts. In terms of regional spread, 25% belong to the Northern parts while 27% belong to the Eastern parts of India. Moreover, 28% and 20% belonged to Western and Southern parts of India respectively. 61% of the respondents were male, while 39% were female. In terms of the two majority sample groups, 30% 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 “Our Consumer Sentiment Index shows that the sentiments were highest in H1 of 2022 post which it dipped slightly but overall, we ended 2022 with consumer sentiments better than 2021 & much better than 2020. In H2 overall consumer spending had reached a status quo bias where the keenness to increase consumption had been limited, mainly due to inflation & rise in interest rates. However, a majority mentioning that the current government has been able to handle India’s economic situation better than other countries reflects India’s overall performance in 2022. Moving forward, the intent to invest & save more in 2023 reflects the current environment of resilience & cautious growth”.

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