Thursday, May 30 2024 | Time 18:11 Hrs(IST)
Business Economy

Overall household expense shows highest dip in last 3 months: Report

New Delhi, July 4 (UNI) The overall household expense has showed the highest dip in the last 3 months, according to Axis My India – India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues

Overall household spending has increased for 59 per cent of families which reflects a 2 per cent dip from the last month while the net score which was at +52 last month has decreased by -2 to +50 this month, the leading consumer data intelligence company said on Monday.
Spends on essentials like personal care and household items remain the same for 37 per cent of the families which is an increase by 4 per cent from last month. Spending, however, has increased for 44 per cent of the families, which reflects a dip by 2% (i.e. 46%) from last month. The net score which was +26 last month has reduced by -1 to +25 this month.
Spends on non-essential and discretionary products like AC, Car, and Refrigerator remain the same for 88% of families, reflecting an increase of 2% from last month. Spends however have increased for only 6% of families reflecting a slight dip of 2% from last month. The net score which was at +2 the previous month has dipped to zero this month.
Consumption of health-related items more or less remains the same for 51% of the families, an increase by 2% from last month. Consumption has increased for 35% of the families, reflecting a dip by 1% from last month. The health score which has a negative connotation i.e., the less the spends on health items the better the sentiments, has a net score value of -21, same as last month.

Consumption of media remains the same for 62% of the respondents, an increase by 4% from last month. Consumption has increased for 17% of families, marking an overall dip by 3% from last month. The overall net score which was at -2 in the last month is at -3 this month.
As many as 86% said that they are going out the same for short vacations, malls and restaurants, a dip by 1% from last month. Increased travel is reflected only among 7% of families, same as last month. The overall mobility net score is at zero.
Commenting on the report, Pradeep Gupta, Chairman and MD, Axis My India, said, “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.''
''Similarly in the media, one can witness respondents suffering from consumption fatigue which could be related to innumerable choice of content, ease in mobility and the availability of experiencing ‘cinema’ etc. The craze around IPL persists across platforms but whether this excitement justifies its high media rights, time will tell. Digital viewership is on a high trajectory. In terms of consumption behaviour, a significant proportion of consumers are increasingly taking their purchase decision based on the reputation of the brand with price as the 2nd key factor, which shows the growing maturity of Indian consumers,” he said.
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