personal finance

Indians likely to shop more this festive season: Survey

Indian consumers are starting to spend more even though revenge shopping is not on the agenda; they are happy that the offices are reopening, and are also upbeat about the market. This upswing in consumer sentiment was recorded by a survey carried out by Axis My India in August.

Conducted among 10,482 people across India, the study showed that at 56% overall household spending, consumers have registered a 2 percentage point increase over the previous month. Importantly, 21% of the families are spending more on non-essential and discretionary products, a sharp rise from 15% last month. While rural India is registering the biggest rise in nonessential spending, North Indians are the biggest overall spenders at 61% of spends.

This optimism, however, is tempered as indicated by 83% of consumers who are not yet willing to travel or take holidays, even though they continue to take short vacations and visit malls and restaurants. Health, meanwhile, remains an important consideration, with consumption on health-related items having increased or remaining same for 79% of families, and 96% being sure they will follow Covid precautions.

Indians likely to shop more this festive season, but avoid revenge shopping

  • 42% said they will shop more or same as compared to last year
  • 56% is the overall household spending of families, an increase of 2 percentage points, from 54% last month
  • 83% are not yet looking at travel or holiday this year and 15% said they would only travel domestically
  • 64% of those who invest believe the BSE Sensex will cross the 60,000 mark in the next few months, with 29% saying it will come down
  • 93% families are going out the same or less on short vacations, to malls and restaurants. The score is -8, an improvement over last month’s -24
  • 88% of officegoers are happy that offices are starting to open and felt that productivity is better from office
  • 96% of people said they will implement Covid appropriate behaviour this festive season
  • 32% is the media consumption increase in the 18-25 year old age group, which is the highest

The Overall Consumer Sentiment Score is an average of subindices. *Health score has a negative connotation. The lesser the spend on health items, the better the sentiment.
Source: The survey was carried out among 10,482 people from 28 states & 7 UTs. It considers five sub-indices: household spending, spending on essential, non-essential items, and healthcare, media consumption habits & mobility trends.


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