Axis My India, a 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 October report highlights that a significant 30 per cent plan to watch new movies on an OTT platform, 24 per cent plan to watch it in movie theatres and 45 per cent prefer to wait for new movies to arrive on television. The survey further discovered that six per cent have heard about the term Metaverse and look forward to experiencing AR/VR while shopping for products. 12 per cent of those surveyed revealed that they have created content/video and uploaded it on social media such as Instagram/YouTube which signifies the rise of the content creator’s generation.
The October net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +eight, from +10 last month reflecting a decrease by two 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 and mobility trends.
The survey was carried out via computer-aided telephonic Interviews with a sample size of 10058 people across 32 states and UTs. 67 per cent belonged to rural India, while 37 per cent belonged to urban counterparts. In terms of regional spread, 24 per cent belong to the Northern parts while 23 per cent belong to the Eastern parts of India. Moreover 28 per cent and 25 per cent belonged to Western and Southern parts of India respectively. 61 per cent of the respondents were male, while 39 per cent were female. In terms of the two majority sample groups, 34 per cent reflect the age group of 36YO to 50YO, while 30 per cent reflect the age group of 26YO to 35YO.
Commenting on the CSI report, Axis My India MD and chairman PradeepGupta said, “Internet in general and social media in specific has shaped consumer experiences in all spheres of life. From creating content for Instagram/YouTube to using AR/VR for testing and buying products, consumers have found ways to express their individualities amongst their online and physical social networks. The Internet has in addition provided flexibility due to which despite big screen launches, consumers are growing to prefer OTT for their viewing medium. The potential of the world-wide-web is huge and is only evolving and one can only expect it to further enrich consumer experiences.”
Key findings:
– Overall household spending has increased for 58 per cent of families which reflects a decrease by three per cent points from last month. The net score which was +53 last month has decreased by -four to +49 this month.
– Spends on essentials like personal care and household items has increased for 44 per cent of the families which is a decrease by two per cent points from last month. The net score which was at +29 last month has decreased by minus three to +26 this month.
– Spends on non-essential and discretionary products like AC, car, and refrigerator has increased for nine per cent of families which reflects an increase by two per cent points from last month. The net score which was at +two last month has improved to +three this month. This marks heightened consumer sentiment towards the festivities.
– Health and fitness continue to remain important for consumers amidst the festive season wherein expenses towards health-related items have increased for 37 per cent of the families. The health score which has a negative connotation i.e., the less the spends on health items are, the better is the sentiments. It has a net score value of -22, net score increased by +one, as compared to last month.
-Consumption of media remains the same as the last two month at 19 per cent. The overall net score, which was at minus one last month, is at minus three this same.
– Mobility has increased for six per cent of the families, which reflects a decrease by one per cent from last month. The overall mobility net indicator score which was at zero per cent, last month, has reported minus three this month.
On topics of current national interest:
– According to the Axis My India Consumer Sentiment Index Survey, 21 per cent of consumers plan to spend more this festive season as compared to last year. This sentiment has improved by one per cent point from last month.
– The survey further revealed that a majority of 78 per cent plans to shop from local physical retail stores near their home and 14 per cent plans to shop from E-commerce sites like Amazon/Flipkart this festive season.
– In an effort to discover consumer’s awareness and understanding of Metaverse as a concept, the survey found out that six per cent have heard about the term Metaverse and look forward to experiencing AR/VR while shopping for products.
– 12 per cent of those surveyed revealed that have created content/video and uploaded it on social media such as Instagram/YouTube which signifies the rise of the generation of content creators.
– A majority of 45 per cent said that they prefer to watch new movies once it is slotted on TV channels, while 30 per cent prefer to watch them on OTT platforms. 24 per cent prefer watching new movies in theatre halls reflecting that viewers are ready to return to the big screen but also of the competition these screens are facing from OTT.