67% believe women are better financial decision makers: Survey

Around 41% consumers are concerned about the security of personal and financial information that they enter online, while 48% are confident of their financial health despite the worry around the new variant of covid-19, according to a survey by Axis My India. Around 67% of the respondents in the survey believe women are better financial and investment decision-makers compared to men.

Consumer data intelligence company Axis My India's findings of the India Consumer Sentiment Index (CSI) for January had a sample size of 10525 people across 36 states. While 70% were from rural India, 30% were from urban areas. In addition, 59% of the respondents were male while 41% were female.

The net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was down to +7, from +10 last month in lieu of the observed drop in household spending both across the essential and non-essential categories since the past three months, further accentuated by the Omicron scare in January.

The sentiment analysis delves into five relevant sub-indices – overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends.

This month, Axis My India’s Sentiment Index further investigated the influence of advertisement on purchase decisions, parallel viewing behaviour with reference to television and mobile phones and consumers’ approach to health and fitness. 

Pradeep Gupta, CMD, Axis My India, said, “The survey captures consumer’s apprehension yet preparedness and confidence to the advent of Omicron. While essential, non-essential and health related increased expenditures witnessed a dip, consumers at the same time have expressed their confidence of not being financially impacted by the 3rd Wave. Moreover, in our attempt to discover consumer information consumption habit, we witnessed a growing possibility of shared space competitiveness between TV and online for influencing ad based purchase decisions.”

However online space unlike TV is an interactive platform and thereby possess the challenges of ensuring security and safety of data shared by consumers. Overall with the nation’s sentiments resuming back to slow and steady normalcy and more opportunities opening up within the media space, advertisers and marketers are in a sweet spot and should thereby leave no space untouched, he added.

Overall household spending has increased for 53% of families which reflects a 6% dip from the last month, the survey found. Overall spending remains the same for 33% of the families which is the highest in the last five months. The net score has dropped from +50 to +39.

Spends on essentials like personal care & household items has increased for 43% of the families showcasing a surge in northern and southern part of India. However, this is also the lowest surge in the last five months. Spends however remain the same for 33% of the families (same as last month). The net score which was +26 last month is at +20 this month.

Spends on non-essential & discretionary products like AC, car, refrigerator has increased for 10% of families, indicating an even lower percentage than the last five months. Expenditure nevertheless remains the same for 83% of the families, a surge of 5% from last month. This is majorly reflected in the sentiment of people living in eastern and northern part of India. The net score which was at +6 last month is at +3 for the month.

Consumption on health-related items more or less remained the same for 44% of the families, while a surge was witnessed among 38% of the families. In comparison to last month, the ‘increase’ consumption indicators represent an overall dip by 2%. The health score which has a negative connotation i.e., the lesser the spends on health items the better the sentiments, has a net score value of -20 as compared to -23 last month

Consumption of media like TV, internet, and radio had increased for 24% of the families, same as last month. Meanwhile, 89% families said that they were going out for short vacations, mall and restaurants as compared to 85% of families last month. Reflecting the view of 89% of the families, this has been the highest percentage in the last five months. However, only 4% of families recorded increase in outgoing activities. The overall mobility score remains the same as last month at -3.