78% Consumers To Prefer Retail Stores Near Home This Festive Season
A total of 10,058 people were surveyed out of which 67 per cent were from rural India while 33 per cent were from urban India. The consumption of essentials products (44 per cent), discretionary products (2 per cent), health-related items (37 per cent) have all recorded growth
The latest Axis My India October CSI Survey reveals that 78 per cent of consumers plan to shop from retail stores near home this festive season.
The survey also stated that 14 per cent of the respondents would prefer shopping through E-commerce sites and 43 per cent would be buying smaller packs of their monthly groceries. A surge of 58 per cent was also recorded in the overall household spending of the people. A total of 10,058 people were surveyed out of which 67 per cent were from rural India while 33 per cent were from urban India. The consumption of essentials products (44 per cent), discretionary products (2 per cent), health-related items (37 per cent) have all recorded growth.
The mobility has also increased for 6 per cent of the families, and remains the same for 85 per cent. The sentiment to spend more than last year’s festive season is up by 1 per cent point to reach 21 per cent. 81 per cent of the respondents stated that shopping for family will contribute as a ‘major’ expense this festive season.
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 October net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +8, from +10 last month reflecting a decrease by 2 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 & mobility trends.
Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said “Increase in discretionary spends across households demarcates the continuity of festive sentiments. From visiting physical stores to scanning through online sites, consumers are not only investing on household products but are also splurging for themselves and their families. However, one can witness the spending capacity to be conscious as the expenses are mostly on low budget items such as clothes as compared to heavy ticket items such as vehicles or properties. Cash though continues to be the king, digital modes of payment like UPI & debit/credit card usage is also growing rapidly.”
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10,058 people across 32 states and Union Territories. 61 per cent of the respondents were male, while 39 per cent were female.