BackOnly 13% Indians plan to invest in health or life insurance: Survey
While 3% are considering investments in shares/mutual funds, 2% plan to invest in gold. Around 78% said they neither invest nor plan to invest this year.
PremiumOnly 13% Indians plan to invest in health insurance or life insurance, while 4% look to invest in fixed deposits and recurring deposits, according to Axis My India's India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues.
Merely 3% are considering investments in shares or mutual funds while 2% plan to invest in gold. Around 78% said they neither invest nor plan to invest this year.
The May findings reports on the various investment preferences of consumers and their views on migrating to another country for better opportunities. The survey further revealed that less than 50% want to be informed/updated regarding the ongoing Russia-Ukraine war.
The May net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was up to +12, from +11 last month and continuing the upwards trends noticed in the last four months.
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 survey delved deeper to comprehend consumers’ views about advertisement claims on television and newspapers, most featured brands during IPL, preferred news content and interest in the Russia-Ukraine war- related news. The survey also gauged consumers’ outlook on quick gratification schemes offered and plans on New Year investments.
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10,166 people across 30+ states and UTs. 69% belonged to rural India, while 31% belonged to urban counterparts. In addition, 68% of the respondents were male, while 32% were female. In terms of regional spread, 26% each belonged to Northern and Eastern parts of India, while 31% and 17% belonged to Western and Southern parts of India. In terms of the two majority sample groups, 31% reflect the age group of 26-35-year-olds, while 30% reflect the age group of 36-50-year-olds.
Pradeep Gupta, chairman & MD, Axis My India, said, “The evolved and re-energised consumer community reflects optimism towards increasing expenditure in discretionary spends showcasing their affinity to ‘what they want rather than what they need’. This provides a ray light for brand and marketers to tap towards the shifting priorities of consumers. While brands are striving to capture the instant gratification instincts of consumers there is a need to understand context and content to capture the right eyeballs. On a holistic level, it is necessary to shake the long-drawn perception of consumers being a homogenous community as every individual has distinct aspirations, seeks different investment plans, and consume varied news...Interestingly even with better opportunities abroad 64% Indians would prefer to stay in India and work towards a better living."
Key findings:
Overall household spending has increased for 66% of families which reflects a 4% increase from the last month. The net score which was at +53 last month has increased by +5 to +58 this month.
Spending on essentials like personal care & household items has increased for 48% of the families and remains the same as compared to last month. Spends however remain the same for 33% of the families. The net score which was +29 last month has remained the same this month.
Spends on non-essential & discretionary products like AC, Car, Refrigerator has increased for 14% of families reflecting an increase of 1% from last month. Spending nevertheless remains the same for 80% of the families reduced by -2. The net score has remained the same at +8 compared to previous month.
Consumption of health-related items has increased for 38% of families. Consumption more or less remains the same for 47% of the families, while decreased consumption is witnessed among 15%. 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 -23 this month.
Consumption of media has increased for 23% of the families reflecting an increase by 1% from last month. Consumption remains the same for a majority of 52% of families. The overall, net score which was at -1 in the last month is at -2 this month.
85% of families said that they are going out the same for short vacations, malls and restaurants. Increased travel is reflected only among 8% of families, an increase by +2 from last month. The overall mobility net score is at 1.
In an attempt to understand brand visibility and exposure during IPLs, the survey discovered that in the current season 9% of the total respondents have noticed ads by Dream 11 - Indian fantasy sports platform that allows users to play fantasy cricket and 6% have noticed ads by Tata Neu from Tata Digital. Among those who have watched IPL this season, Dream 11 is recalled by 41% & Tata Neu by 30%. At an overall level, 22% have watched IPL & 78% mentioned they have not watched IPL this season.
Axis My India’s survey also found out that 35% indulged in online shopping in the last one year. In addition, the survey revealed that 19% views quick gratification schemes by Indian food and groceries apps (such as 10 minutes delivery Zomato, Big-basket / Licious / Dunzo–same day delivery) positively believing it to be ‘convenient and time effective’ but a sizable 77% have not tried it yet.
The CSI survey revealed that 33% would prefer to migrate to another country in search of better opportunities and lifestyle whereas a sizable 64% would prefer to stay in India.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
