Consumption on the rise in household, essential and health products, according to AxisMyIndia report
Consumption rose across household, essentials and health products as well as media consumption – three of the five relevant sub-indexes surveyed by the consumer data insights firm’s August consumer report AxisMyIndia. However, mobility sentiment is down 1% from June and discretionary sentiment remains the same. household consumption, essential health products, August CSI net score, media consumption, standard of living, health expenditure, household expenditure
The July survey also highlights that while 44% of respondents acknowledge an improvement in living standards over the past few years, 34% are still concerned about inflation. Overall, feelings are pointing towards an optimistic future for India in the next 25 years. The August CSI net score, calculated as the percentage increase minus the percentage decrease in sentiment, is at +9, which remains the same as last month.
Sentiment analysis looks at five relevant sub-indices: overall household spending, spending on essential and non-essential items, healthcare spending, media consumption habits and mobility trends. Commenting on the CSI report, Pradeep Gupta, Chairman and Managing Director of Axis My India, said: “While inflation and lack of employment opportunities continue to be of concern, many believe that their level life has improved over the past few years and as we approach the 75th year
of Independence”.
Overall household spending increased for 61% of families, reflecting a 2% increase from last month. The net score which was +50 last month has increased from +2 to +52 this month. Household items increased for 45% of families, an increase of 1% from last month.
The net score which was at +25 last month improved from +1 to +26 this month. Spending on non-essential and discretionary items like air conditioning, car and refrigerator remains the same for 88% of families. Spending, however, increased for only 6% of families, reflecting a net score of 0 the same as the previous month. The survey found that 87% of families go out the same way for short vacations, shopping malls and restaurants. The increase in travel is only reflected in 6% of families, down 1% from last month. The overall net mobility score is -1.
