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Business News/ Money / Personal Finance/  44% of households experiencing rise in health-related expenses, says survey
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44% of households experiencing rise in health-related expenses, says survey

Consumer spending in India is increasing, with 58% of families reporting higher spending and 46% feeling financially secure.

44 percent of families witness surge in health-related expenditure (iStock)Premium
44 percent of families witness surge in health-related expenditure (iStock)

Health-related expenses have seen a significant boost, with 44% of families reporting increased spending on items like vitamins, tests, and healthy food,according to the latest report on the India Consumer Sentiment Index (CSI) by Axis My India.

India Consumer Sentiment Index (CSI) by Axis My India
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India Consumer Sentiment Index (CSI) by Axis My India

One of the significant findings from the survey reveals that overall household spending has increased for 58% of families, indicating a positive trend in consumption. However, while the overall score dipped slightly from last month, it remains at a healthy +50, showcasing the continued growth in household spending.

Spending on essential items, such as personal care and household items, has increased for 49% of families. This reflects a growing emphasis on self-care and maintaining a comfortable living environment. With a surge in spending on essentials, the net score for this category has risen to +34, indicating a favourable sentiment among consumers.

On the other hand, spending on non-essential and discretionary products, such as air conditioners, cars, and refrigerators, has seen a slight increase among 15% of families.

This suggests an inclination towards luxury and lifestyle upgrades among a segment of Indian consumers. Nevertheless, the majority (79% of families) have maintained their consumption levels, indicating a cautious approach towards discretionary spending.

In terms of media consumption habits, 23% of families reported increased consumption of media platforms such as TV, the internet, and radio. This suggests a growing reliance on digital platforms for entertainment, information, and connectivity. The net score for media consumption has risen to +2, indicating a positive shift in this area.

Moreover, the December net CSI score, which measures the overall sentiment of Indian consumers, stands at +9.9, indicating a positive increase from the previous month. This score is calculated by subtracting the percentage decrease in sentiment from the percentage increase.

The positive growth in consumer sentiment further validates the observations of increased spending and financial security reported by 46% of households.

Lastly, the report highlights mobility patterns among Indian households. While the majority (78% of families) have maintained their mobility levels, 8% have reported an increase.

This indicates a slight upward trend in mobility, possibly influenced by factors like improved transportation infrastructure or changing work and lifestyle preferences. However, the net score of -5 suggests that the overall sentiment towards mobility remains largely unchanged.

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ABOUT THE AUTHOR
Deepika Chelani
A business media enthusiast. She covers the markets and personal finance beat for LiveMint.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 08 Dec 2023, 10:34 AM IST
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