Indian Economy News

Over 23% of shoppers are expected to shop more during the festive period vs. last year, says Axis My India CSI survey

  • IBEF
  • September 13, 2023

In comparison to last year, more consumers are anticipated to spend during the upcoming festive season. Recent findings from the India Consumer Sentiment Index (CSI) by Axis My India show that 23% of respondents anticipate greater shopping activities during the upcoming festive season, demonstrating a favourable attitude towards holiday spending. Furthermore, 44% of those intending to maintain their pattern of participation in e-commerce festive sales this year plan to spend more than last year, according to the study.

The report said that the September net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +8, which is the same as last month (+8). 

The survey had 5,048 participants from 35 states and UTs and used computer-aided telephonic interviews. 68% of them were from rural areas and 32% were from urban areas. In terms of regions, 22% of Indians came from the North, 24% from the East, 28% from the West, and 26% from the South. Over 38% of the participants were female, while 62% were men.

Furthermore, the survey explored respondents' past and anticipated participation in festive sales held by major e-commerce players like Amazon and Flipkart. According to the report, a significant 23% of participants acknowledged that they had previously attended similar events and expressed a desire to continue this pattern this year as well. Additionally, 11% of those who had never participated in festive online sales indicated that they would like to. Conversely, 7% of respondents acknowledged their prior commitment but stated that they would not be participating this year.

Sentiment analysis for several sub-indices shows that 41% of families have increased their spending on necessities, such as personal care products and domestic goods. For 6% of families, the increase in non-essential and discretionary spending on items like refrigerators, cars, and air conditioning is unchanged from last month. For 87% of families, consumption is unchanged.

19% of families have increased their media consumption (TV, Internet, radio, etc.). Furthermore, the report stated that this month's net score, which was -7 last month, is now -4. About 58% of families continue to consume the same amount of media, according to Axis My India. However, mobility has increased for 9% of the households, which is a 2% increase from the previous month.

In addition, the report stated that 6% of respondents said they planned to invest more in the Indian stock market or other financial assets in the future months, while 10% said they planned to invest less. In the meanwhile, 5% are anticipated to keep up their investment levels.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.