On Tuesday, Axis My India, a consumer data intelligence company, released insights from the India Consumer Sentiment Index (CSI) report. The report reveals that 23 per cent of people anticipate an increase in shopping activities during the upcoming festive season.
Moreover, 44 per cent of those participating in e-commerce festive sales this year plan to spend more compared to the previous year.
However, the report also highlights that 55 per cent of families have experienced an increase in overall household spending, marking a 3 per cent decrease from the previous month. For 35 per cent of families, consumption remains unchanged. The net CSI score, which was +46 last month, now stands at +45 for this month.
In terms of spending on essentials such as personal care and household items, 41 per cent of families reported an increase, representing a 3 per cent decrease from last month. Consumption remains unchanged for 40 per cent of families, and the net CSI score has dropped from +23 to +22 for this month.
Regarding spending on non-essential and discretionary products like ACs, cars, and refrigerators, 6 per cent of families reported an increase, consistent with the previous month. Consumption remains the same for 87 per cent of families. The net score, which was 0 last month, has now dipped to -1.
Expenses related to health-related items such as vitamins, tests, and healthy food increased for 34 per cent of families, reflecting a 1 per cent increase from last month. Consumption remains unchanged for 47 per cent of families.
Media consumption, including TV, Internet, and radio, increased for 19 per cent of families, indicating a 1 per cent decrease from the previous month. The net score, which was -7 last month, is now -4 for this month. However, media consumption remains steady for 58 per cent of families.
The report also notes that the overall CSI score for this month is +8, consistent with the previous month but down by -2 compared to September 2023 when it stood at +10.
Pradeep Gupta, Chairman and MD of Axis My India, commented on the CSI report's findings, stating, "As we approach the festive season, our insights paint an encouraging picture for the retail landscape. A significant number of respondents are ready to elevate their shopping experiences, while others are poised to maintain their spending levels. E-commerce continues to play a pivotal role, with increasing interest in festive online sales. This evolving trend suggests a promising market dynamic. As consumer preferences shape the retail arena, we anticipate a vibrant festive shopping spree ahead, reflecting a positive and forward-looking trend."