Axis My India released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. The May report highlighted that news related to elections, political parties, the Russia-Ukraine war, sports, entertainment and Covid-related updates were the top five preferences of consumers. The survey also revealed findings within the advertising ecosystem. It discovered that majority of the respondents believe that advertisement claims on television and in the newspaper are far-fetched. It also stated that ads shown by Dream11 and Tata Neu have captured the interest of consumers in this season’s IPL. At an overall, level 22 per cent of the respondents mentioned that they have watched IPL this year.
The May net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was up to +12, from +11 last month and continuing the upwards trends noticed in the last four months.
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 and mobility trends.
This month, Axis My India’s Sentiment survey delved deeper to comprehend consumers’ views about advertisement claims on television and newspapers, most featured brands during IPL, preferred news content and interest in the Russia-Ukraine war-related news. The survey also gauged consumers’ outlook on quick gratification schemes offered and plans on New Year investments.
The survey was carried out via computer-aided telephonic interviews with a sample size of 10166 people across 30+ states and UTs. 69 per cent belonged to Rural India, while 31 per cent belonged to urban counterparts. In addition, 68 per cent of the respondents were male, while 32 per cent were female. In terms of regional spread, 26 per cent each belonged to Northern and Eastern parts of India, while 31 per cent and 17 per cent belonged to Western and Southern parts of India. In terms of the two majority sample groups, 31 per cent reflect the age group of 26YO to 35YO, while 30 per cent reflect the age group of 36YO to 50YO.
Commenting on the CSI report, Axis My India chairman and MD Pradeep Gupta said, “The evolved and re-energised consumer community reflects optimism towards increasing expenditure in discretionary spends showcasing their affinity to ‘what they want rather than what they need’. This provides a ray light for brand and marketers to tap towards the shifting priorities of consumers. While brands are striving to capture the instant gratification instincts of consumers there is a need to understand context and content to capture the right eyeballs. On a holistic level, it is necessary to shake the long-drawn perception of consumers being a homogenous community as every individual has distinct aspirations, seeks different investment plans, and consume varied news. The news industry has grown in the last year or two with the Pandemic, the Russia -Ukraine war or the Sri-Lankan economy crisis but elections and political news remain the most watched content by viewers. Interestingly even with better opportunities abroad 64 per cent Indians would prefer to stay in India and work towards a better living, something we all should be proud of!”
Key findings:
- Overall household spending has increased for 66 per cent of families which reflects a four per cent increase from the last month. The net score which was at +53 last month has increased by +5 to +58 this month.
- Consumption of media has increased for 23 per cent of the families reflecting an increase by 1 per cent from last month. Consumption remains the same for a majority of 52 per cent of families. The overall, net score which was at -1 in the last month is at -2 this month.
- Spending on essentials like personal care and household items has increased for 48 per cent of the families and remains the same as compared to last month. Spends however remain the same for 33 per cent of the families. The net score which was +29 last month has remained the same this month.
- Spends on non-essential and discretionary products like AC, Car, Refrigerator has increased for 14 per cent of families reflecting an increase of one per cent from last month. Spending nevertheless remains the same for 80 per cent of the families reduced by -2. The net score has remained the same at +8 compared to previous month.
- Consumption of health-related items has increased for 38 per cent of families. Consumption more or less remains the same for 47 per cent of the families, while decreased consumption is witnessed among 15 per cent. 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 -23 this month.
- 85 per cent of families said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 8 per cent of families, an increase by +2 from last month. The overall mobility net score is at one.
On topics of current national interest:
- In an attempt to understand brand visibility and exposure during IPLs, the survey discovered that in the current season 9 per cent of the total respondents have noticed ads by Dream 11 – Indian fantasy sports platform that allows users to play fantasy cricket and 6 per cent have noticed ads by Tata Neu from Tata Digital. Among those who have watched IPL this season, Dream 11 is recalled by 41 per cent and Tata Neu by 30 per cent . At an overall level, 22 per cent have watched IPL and 78 per cent mentioned they have not watched IPL this season.
- Axis My India further evaluated consumers’ views on advertisement on television and on newspapers. The survey discovered that 54 per cent reason that advertising claims made on these platforms are unbelievable. However, 22 per cent believe otherwise.
- The survey further dug deeper to unravel viewer’s content behaviour. As per the survey a majority of 36 per cent said that they prefer watching news related to elections and political parties while 22 per cent is interested in news related to Russia-Ukraine War. In addition, two secondary preferences involve information related to sports (20 per cent ) and entertainment (16 per cent ). A majority of 52 per cent further said that they have watched enough of Russia-Ukraine war related news.
- Demystifying consumers’ online behaviour, Axis My India’s survey found out that 35 per cent indulged in online shopping in the last one year. In addition, the survey revealed that 19 per cent views quick gratification schemes by Indian food and groceries apps (such as 10 minutes delivery Zomato, Big-basket / Licious / Dunzo–same day delivery) positively believing it to be ‘convenient and time effective’ but a sizable 77 per cent have not tried it yet.
- Gauging consumer sentiment on financial investment plans The CSI – Survey revealed that 13 per cent plans to invest in Health insurance / Life Insurance while four per cent plans to invest in Fixed Deposits and Recurring Deposits. Furthermore three per cent are considering investments in Shares/Mutual Funds while two per cent plans to invest in Gold. 78 per cent mentioned that they don’t invest or plan to do it this year.
- Finally, the CSI survey revealed that 33 per cent would prefer to migrate in another country in search for better opportunity and lifestyle where as a sizable 64 per cent would prefer to stay in India.
