Essential spends increase for 49 pc, highest surge in last 9 months

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Kolkata, Dec 7 (UNI)- Axis My India, a leading consumer data intelligence company, has unveiled the latest insights from the India Consumer Sentiment Index (CSI), revealing noteworthy trends in consumer behaviour.

The report uncovers diverse trends among Indian households, with 46 per cent reporting increased spending and feeling more financially secure than last year.

Additionally, the survey highlights recent spending habits, revealing 49 per cent of consumers investing in mobile phones, showcasing a shift towards technology.

These insights reflect India’s changing consumption patterns based on consumer spending power and lifestyle choices. The survey also sheds light on public awareness and participation in the Ayushman Bharat – Jan Arogya Yojana, a pivotal health insurance scheme by the Government of India.

The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +9.9, which is an increase of +0.9 from the 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, entertainment & tourism trends.

The survey used Computer-Aided Telephonic Interviews and included 5,143 participants from 35 states and UTs. Among them, 72% were from rural areas and 28% from urban areas. In terms of regions, 23% were from the North, 24% from the East, 28% from the West, and 25% from the South of India.

Among the participants, 60% were male and 40% were female. Looking at the largest groups, 30% were aged between 36 and 50 years old, while 25% were aged between 26 and 35 years old.

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said, “As we analyse the recent trends in India’s economic landscape, the subtle yet significant transformations in consumer behavior and spending emerges distinctly. The evolving spending habits reveal a fascinating dynamic of necessity versus aspiration in consumer behavior.

We are seeing a nuanced evolution in how households manage their finances and what they prioritise. From embracing digital technology to rethinking financial strategies, the Indian consumer is navigating an ever-changing economic environment with adaptability and foresight.’

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