Overall household spending has increased for 62% of families which reflects an 8 percentage points increase over last month, while 13% families plan to buy or exchange discretionary products like air conditioner or refrigerator this summer season, according to consumer data intelligence firm Axis My India.
Spending on essentials like personal care and household items has increased for 48% of the families which reflects an increase of 5 percentage points compared to last month. Spends, however, remain the same for 33% of the families, reduced by (-5) from last month. The net score which was +24 last month has increased to +29 this month.
Consumption of health-related items more or less remains the same for 46% of the families, while decreased consumption is witnessed among 16%. The health score which has a negative connotation, ie, the lesser the spends on health items the better the sentiments, has a net score value of (-22) this month.
Consumption of media has increased for 22% of the families reflecting the same as last month. Consumption remains the same for a majority of 55% of families. The overall, net score which was at +1 in the last month is (-1) this month.
Meanwhile, 89% of families said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 6% of families, an increase by +1 from last month.
The CSI – Survey also captured consumer’s views on summer vacation/holiday plans. While 13% are considering domestic travel, only 1% is looking to go for an international trip. A majority of 84% is still averse to major travelling for leisure.
Pradeep Gupta, chairman and managing director, Axis My India, said, “With mounting geo-politics tensions, opening up of economies and diminishing fear of Covid-19, Indian consumers are showcasing confidence and overall sentiment is at the highest in last one year. Increasing expenditures across categories, domestic travels and coming together for IPL further captures the sentiment of an optimistic consumer. It reflects their intent for an improved life and lifestyle”.