50% respondents feel govt should reduce petrol, diesel rates: Axis My India survey

The issue of petrol and diesel prices continues to affect the common man as nearly 50 per cent participants in a recently conducted survey by consumer data intelligence company Axis My India believe that the government should further reduce fuel rates while 16 per cent are not at all satisfied. However, around 22 per cent are happy with the reduced rate, as per a recent Axis My India survey.

Moreover, 59 per cent of the families surveyed reported an increase in overall household spending, a 2 per cent dip from last month whereas spending on essentials like personal care and household items remained the same for 37 per cent of the families surveyed, a 4 per cent rise from last month.
 
Spends on non-essential products like ACs, cars and refrigerators remained the same for 88 per cent of the families, an on-month increase of 2 per cent. Spending in this area increased for only 6 per cent of the families, slight dip from 2 per cent.  

Consumption of health-related items remained the same for 51 per cent of the families surveyed, a 2 per cent increase from last month whereas it rose for 35 per cent of the families surveyed.  

Axis My India CMD Pradeep Gupta noted, “Overtime, consumer spending has reached a status quo bias where the keenness to increase consumption has been limited. This is mainly due to inflation and the after effects of pandemic which has made it difficult for consumers to see their nominal incomes recover to pre-pandemic levels. While in response to this the government has reduced the petrol and diesel prices, a major chunk of consumers [are] still looking for further ease.”

Other issues covered by the Axis My India survey

Besides this, the survey also gauged consumer views on interest on Indian Premier League, eagerness for movie hall experiences, household spending, early retirement and factors that influence brand purchases.  

25 per cent consumers said they have watched one or more match (es) in this season of the Indian Premier League (IPL). Additionally, 65 per cent said they have watched IPL on television, 29 per cent watched it on digital platforms and 2 per cent enjoyed it from the stadium.  

The survey also covered consumers’ excitement around the ‘cinema hall experience’ as over 10 per cent consumers have started going to theatres/halls whereas 90 per cent still continue to be apprehensive.  

As per this survey, key factors that influence brand purchases are reputation of the brand (57 per cent), price-point (31 per cent), availability of the product (8 per cent) and advertising and marketing (4 per cent). The survey further uncovered that 13 per cent of the respondents are contemplating early retirement due to pressure and overbearing workplace challenges.  
 

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