Category Archives: Business

Ahmedabad’s Winter Wonderland: A Festive Journey for the Whole Family!

Key Highlights:
● Ahmedabad, known for its vibrancy, unveils the 2nd edition of its Winter Wonderland, a magical Christmas event filled with play, creativity, and holiday spirit, to be hosted on 16th & 17th December 2023.
● Joining forces with renowned brands like Lego, Skilmatics, DIY Science, Imagimake, Make It Real, Paw Patrol, Toycra and many more, this Winter Wonderland promises a joyous and hassle-free Christmas outing with all activities included.

8th December 2023, India-wide release: Embrace the magic of Christmas as Ahmedabad announces the return of the highly anticipated 2nd edition of Winter Wonderland at Merriment Party Plot, SBR on 16th and 17th December. This carnival, anticipating over 2,000 delighted visitors, marks a grand milestone for the city, spreading joy and wonder for a decade. Committed to nurturing child development through play, Winter Wonderland offers an immersive and magical experience for families.

 Special events and performances featuring authentic Christmas carols and storytelling will captivate visitors, transporting both children and adults into the enchanting world of wonder. This Christmas celebration is not just an event; it’s a testament to the city’s commitment to fostering the magic of childhood, where play, creativity, and the holiday spirit converge to create lasting memories.

 Beloved brands such as Lego, Toycra, Paw Patrol, Make It Real, Skillmatics, Imagimake, Kalakaram, Sam & Mi, SIS Prep, Geronimo Stilton, Dog Man, Knotty Heads, Gambol, and many more have collaborated to craft a magical Wonderland of Experiences that promises to ignite the imagination and captivate the hearts of children and families.

 Once inside, enjoy all-inclusive fun with make-and-take activities worth THOUSANDS, ensuring every moment is filled with delight and wonder. Parents can relish the joyful atmosphere while the kids engage in creative activities.

 It’s not just about play; the event also offers a scrumptious food curation with beautiful decor, completing the experience of a magical Christmas family outing. The joy and warmth of the season are wrapped into every corner of Ahmedabad’s Winter Wonderland.

“This is the best Christmas gift for your little one,” says Virang Shah, Co-founder of Toycra. “Watch them fill up their goodie bags with keepsakes and enjoy memorable experiences that will be cherished for a lifetime.”

 “We are thrilled to be part of Ahmedabad’s Winter Wonderland, offering creative toys that bridge development and entertainment. Our range, from Mapology to Quill On, fosters holistic child development through fun and innovation. We are looking forward to create a fun-memorable experience,” says Imagimake.

 Make this Christmas truly special for your family at Ahmedabad’s Winter Wonderland, where joy, wonder, and play come together in perfect harmony.

 Hurry, grab your Early Bird Tickets now for the most magical Christmas event in town! Booking will close soon, and there won’t be any on-ground ticket sales. Don’t miss the festive fun – grab your tickets now before it’s too late. Book Now!

 When & Where:
Dates: 16th and 17th December 2023 – (Same activities both days, so need to purchase a ticket for any 1 day)
Time: 4 to 11 pm
Location: Merriment Party Plot, SBR

Brand Solution Agency Cab Experiences curates the Mumbai Edition of ‘One Bharat Sari Walkathon’

India, 8th December 2023 Mumbai: The Mumbai edition of ‘One Bharat Sari Walkathon’ scheduled to take place in December, will represent the cultural diversity and unity of India, through the medium of the Indian textile, the traditional saree. The national event organized by the Ministry of Textiles and Government of India is being curated by Cab Experiences, a brand solution agency known for its bold ideas, creativity and impactful brand transformations. The event with a mix of activities, coinciding with an exhibition-cum-sales- “Gandhi Shilp Bazaar- National” is organized with the objective to promote Handloom sari culture in India, inviting participation of women from various strata of society, showcasing distinctive ways of draping the sari, hereby presenting India as a country having “Unity in Diversity”.

 The event’s core is women, representing diverse backgrounds, uniting in a Walkathon wearing sarees. This will symbolize the beautiful union of women from varied walks of life, standing together for a common cause for the nation.

 Previously, the walkathon was successfully held in Surat with 15000 sari-clad women walking together showcasing Indian culture. The Mumbai edition of ‘One Bharat Sari Walkathon’ will also exhibit the rich cultural diversity of the country and will jointly be driven by a Member of Lok Sabha, Union State Minister of Textiles, Ms. Darshana Jardosh and Member of Parliament Ms. Poonam Mahajan. The event will also witness celebrities across industry like Anita Dongre, Shaina NC, Faye D’Souza, Sonali Bendre, Amruta Fadnavis, Mini Mathur, Sonali Kulkarni, Arpita Mehta and many more.

The walkathon will be a tribute to the rich legacy of the Indian handloom industry and will see the enthusiastic participation of 5000 women including leading women professionals, Bollywood and television celebrities, sports personalities, businesswomen, designers, influencers, homemakers, women from the music industry as well as transgender/ LGBTQ activists.

 Among the many strong influential personalities will be Faye D’souza, Anita Dongre, Dr. Jaishree Sharad, Sonali Bendre, Dolly Jain, Shaina NC, and Amruta Fadnavis. The event will also see Angadwadi women considered as the main frontline health workers in India and women from the Koli community- one of the biggest indigenous groups in Maharashtra renowned for their extensive cultural legacy and traditions. The walkathon aims to bring all these extraordinary women personalities under a unified platform of One Bharat Sari Walkathon – to walk with pride for the nation, upholding the power of the traditional saree that symbolizes women’s empowerment and cultural identity. Mumbai being the financial capital of India, the event will also be promoting the cause of financial independence as the underlying theme for the Walkathon. This message will be driven through participating brands, celebrities and the media.

MOS Ms Darshana Jardosh added, “The ‘One Bharat Sari Walkathon’ event holds particular significance in Mumbai, the financial capital of India, where the spirit of womanhood is deeply embedded in every aspect of its existence. The participation of women from various backgrounds, draped in saris representing their distinct regional styles, will create a beautiful tapestry of diversity. This not only resonates with the vibrant essence of Mumbai but also adds a layer of deep cultural significance to the walkathon. By combining the economic, cultural, and regional elements, the ‘One Bharat Sari Walkathon’ is poised to make a meaningful impact, celebrating the unity in diversity that characterizes India while simultaneously promoting the enduring legacy of handloom craftsmanship.”

 Ms Poonam Mahajan, Member of Parliament – Lok Sabha, said, “I believe that sari is not just a garment but a symbol of women’s financial independence and freedom. The ‘One Bharat Sari Walkathon’ aims to bring women on a platform that supports the Indian textile industry and promotes women empowerment. Regardless of whether it’s the CEO of a multinational company or a Koli woman from the indigenous Maharashtrian tribe, each participant will walk the marathon adorned in a traditional saree. This unification through the dignity of labor and a shared love for Indian culture will be the common thread among all participants.”

Rajesh KV, Founder Partner & Director of CAB Experiences, was quoted as, “ I am thrilled to share that the ‘One Bharat Sari Walkathon’ is set to make history by bringing together an incredibly diverse group of women. From the vibrant Koli community to dedicated Anganwadi women, accomplished professionals, passionate transgender and LGBTQ activists, to the heart and soul of our homes, the homemakers – this walkathon will unfold as a tapestry of inclusivity, representing the very essence of our country and its rich culture. What makes this event truly unique is the unprecedented collaboration of women from all walks of life. It goes beyond being a simple walkathon; it’s a powerful narrative of encouragement and support for women’s empowerment. A key aspect of this narrative will be positioning the sari as a national symbol and a source of pride for India.”

 The overarching strategy for the “One Bharat Sari Walkathon” is to transform it into a prominent brand narrative that not only highlights the cultural and economic significance of Indian textiles, especially saris, but also aligns with the cause of empowering women financially. The goal is to establish the walkathon as a platform for impactful collaborations with multiple brands and associations that share a commitment to women’s financial empowerment. This strategic focus not only ties the walkathon to the broader narrative of India’s progress but also creates a sense of national identity and unity around the sari. The aim is to make the “One Bharat Sari Walkathon” a dynamic and influential platform that fosters positive change, promotes economic empowerment, and celebrates the cultural heritage of India. It also involves crafting compelling stories and messages that resonate with a diverse audience, emphasizing the walkathon as more than just an event. The focus will be on building emotional connections and showcasing how the association with India, the sari, and various causes can attract a wide range of brands and personalities. By aligning with the CSR goals of participating brands, the platform becomes an avenue for them to contribute to positive social impact.

 The vision for the future of the ‘One Bharat Sari Walkathon’ is global expansion, transcending borders to replicate the event across India and abroad. This ambitious endeavor aims to showcase inclusivity by delving into diverse facets of identity and fashion on a worldwide stage. In this vision, the walkathon becomes a catalyst for tangible change – increasing the income of weavers and instilling a sense of pride in their craft. The event is not just a fashion statement; it’s a movement with a profound social, cultural, and economic impact on local communities and an indelible mark on the world stage.

5 Companies Redefining Success with #VocalForLocal Initiative

Amid India’s growing emphasis on the #VocalForLocal movement, these companies shine brightly, demonstrating that expanding their global presence doesn’t mean compromising their local roots. They not only rejoice in the vibrant tapestry of Indian cultures but also play a pivotal role in nurturing and sustaining local businesses. These impactful campaigns go beyond fleeting trends, serving as a resounding reminder that championing homegrown art and artisans is a dynamic movement that not only captivates consumers within India but reverberates globally.

Today, let’s turn our focus to five companies that have wholeheartedly embraced the #VocalForLocal ethos in India, seamlessly integrating it into their campaigns with authenticity and impact.

 Protium:

Championing MSMEs: Protium takes center stage in the #VocalForLocal movement, advocating for and supporting Micro, Small, and Medium Enterprises (MSMEs). The campaign reflects their dedication to empowering small businesses, addressing the challenges they face in a competitive market, especially during festive season.

Protium is guided by a strong moral compass to support small businesses, which often grapple with the challenges posed by intense competition and the allure of more expensive alternatives.

Protium reaffirmed its commitment to the #VocalForLocal campaign, carrying forward the spirit that has ignited positive change over the past years. The campaign’s essence revolved around the idea of encouraging individuals to embrace and support local businesses, with a special focus on Micro, Small, and Medium Enterprises (MSMEs), the backbone of our nation’s economy.

This resounding success of the campaign underscored Protium’s commitment to the #VocalForLocal principles, emphasizing that collective efforts truly empower small businesses and fortify our local economy.

MobiKwik:

Local Merchant Partnerships: MobiKwik, another prominent player in the Indian fintech space, has collaborated with local merchants to promote digital payments. Their initiatives often focus on supporting local businesses and driving financial inclusion, aligning with the #VocalforLocal campaign.

MobiKwik’s strong focus on financial inclusion and commitment to serving traditionally underserved markets, such as tier 2, 3, and 4 cities, rural areas, and lower-income brackets, sets them apart from its peers. At MobiKwik, the digital payment services have been used in 19,103 pin codes out of 19,253 in India, covering 99.2% of India’s PIN codes.

At MobiKwik, innovation has been a driving force for us to differentiate ourselves in a highly competitive landscape.

 Paytm:

Local Initiatives: Paytm, one of India’s leading fintech companies, has been active in promoting local businesses through its platform. They have supported various local campaigns, encouraging users to shop from nearby stores and promoting local merchants.

 PhonePe:

 Boost for Local Merchants: PhonePe, a popular digital payments platform, has been actively involved in initiatives to support local businesses. They have introduced features and campaigns to encourage users to transact with local merchants, contributing to the #VocalforLocal movement.

 Razorpay:

Empowering Small Businesses: Razorpay, a fintech company specializing in payment solutions, has shown support for local businesses through various initiatives. They have provided tools and technologies that empower small businesses, aligning with the ethos of the #VocalforLocal movement.

CNN-News18 Indian of the Year 2023 to recognise industry titans who are shaping India’s economic progress

New Delhi | December 8, 2023: In its 13th edition, ‘CNN-News18 Indian of the Year’ (IOTY) awards will recognize exceptional contributions of remarkable individuals across seven categories – Business, Entertainment, Sports, Youth Icon, Rising Sports Star, Social Change, and Climate Warriors.

 The nominees in the Business category are personalities who are playing a pivotal role in propelling India’s economic growth. The nominees include N Chandrasekaran (Chairperson, Tata Sons), Sanjiv Puri (Managing Director, ITC), Dinesh Khara (Chairperson, State Bank of India), Sunil Vachani (Founder & Chairman, Dixon Technologies) and Sandeep Bakhshi (CEO, ICICI Bank).

 Under the leadership of N Chandrasekaran, Tata Sons has witnessed a recovery and comeback in key businesses such as Steel and Auto. He consolidated the leadership in the aviation sector through Air India acquisition, and the company is now investing in semi-conductors, is a manufacturer for Apple, and has entered into a tie-up with Nvidia for AI. N Chandrasekaran today oversees 30 companies across ten verticals, operating in 100+ countries with a collective revenue of $150 billion (INR 12 trillion), in 2022-23, employing over 1 million people.

 Leading one of India’s diversified conglomerates, Sanjiv Puri has been at the forefront of steering ITC towards sustainable growth and innovation. The demerger of ITC hotels and acquisitions in the D2C and digital space have paid off for the company. ITC expanded with 18 new hotels in the last 16 months, focusing on tier 2 cities. It also consolidated agro, foods, and hospitality for a significant push in millets.

 Recognized for his astute leadership at the helm of India’s largest bank, Dinesh Khara has played a crucial role in steering State Bank of India through dynamic economic arena. In the first quarter (Q1) of the ongoing financial year (FY) 2023-24, SBI’s net profit stood at Rs. 18,736 cr. Recently, Centre extended his tenure till August 2024. SBI’s asset quality has improved, its costs are under control and the share of safe and secure retail assets have also increased.

 Sunil Vachani is a trailblazer in the electronics manufacturing sector and a torchbearer of the Make in India initiative. He has transformed Dixon into a powerhouse in electronics manufacturing, earning it the moniker of India’s Foxconn. This success story is poised to unfold for years to come. In just six years, the company’s workforce has surged from 1,500 to 25,000 employees, with projections reaching around 35,000 within a year.

 Sandeep Bakhshi led a remarkable turnaround for ICICI Bank after Chanda Kochhar’s arrest and indictment. He cleaned up the loan book and ramped up the digital game for the bank. When he took over ICICI Bank in 2018, the share price of the bank on BSE was Rs. 313.35 per piece, which has reached over Rs. 900 and growing, an indication that the investors have reposed faith in the management of the bank. ICICI Bank on October 21 registered 35.7% year-on-year growth in standalone profit and a 24% rise in net interest income in the July- September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.

 ‘CNN-News18 Indian of the Year’ has a rich legacy of honouring exceptional individuals across various fields. The 2023 winners will be revealed at the star-studded grand awards ceremony in January 2024.

 Past winners in the Business category include names like Ratan Tata, Aditya Puri, Rajiv Bajaj, Kumar Mangalam Birla and Uday Kotak, to name a few.

 This year, the winner selection process will combine expert judgment and public voting, with 50% of the decision-making power given to the audience and the remaining 50% entrusted to the jury. To cast your vote for your favourite Indian and for more details regarding the awards, visit www.indianoftheyear.com.

Godrej aer O redefines consumer experiences with affordable yet exceptional car fragrance solution in Bangalore

Bangalore, December 08, 2023: Godrej aer, India’s pioneering brand in and home and car fragrances, announced the launch of its latest breakthrough innovation, Godrej aer O – gel-based hanging car freshener. Aer O comes with a unique product design, this car fragrance range is poised to revolutionize the way car owners indulge in freshness on the go. It brings an invigorating and sophisticated aroma to cars, making your car smell as good as new. This is the first-ever branded hanging car fragrance in India at a disruptive price point of INR 99.

 As the car ownership trend in India continues to rise at approx. 9% CAGR, the affordable car segment (hatchback, mini-SUV, sedans) commands a staggering 55-60% share of the market. Godrej aer, India’s top-ranking air freshener brand, has identified the immense potential within the car fragrance category. With approximately 30% market penetration, this category presents significant room for growth as 70% still don’t use any car fresheners.

 People don’t use branded car fresheners largely due to the high cost associated with them. Because of this affinity, some end up using unbranded car fresheners which hardly meet the desired standards of quality and experience and while some misuse hanging bathroom fresheners in the car.

 Godrej Aer recognized the need for an affordable yet superior-quality car fragrance option. Godrej aer O, a pioneer in the car fragrance category for 10 years, boasts an innovative gel membrane technology that ensures a linear and continuous diffusion of fragrance. This cutting-edge technology, coupled with the hanging format, provides a consistent and pleasant aroma that lasts for up to 30 days. The built-in end-of-life indicator lets you know when it’s time for a fragrant farewell. Godrej aer O comes in three variants – Musk After Smoke, Rose Blossom, and Cool Aqua – each catering to distinct preferences and moods, thereby enhancing the driving experience and transforming the car interior into a personal sanctuary of freshness.

 Speaking about the launch of this product, Shivam Singal, Category Lead – Aircare & Hygiene, Godrej Consumer Products Ltd (GCPL), said, “Godrej aer O marks a significant milestone in our journey of redefining consumer experiences. As the car ownership landscape evolves, we recognize the need for an affordable yet exceptional car fragrance solution. With Godrej aer O, we are not only elevating the commute experience but also setting a new standard of affordability in the car fragrance segment. Godrej aer O is one such innovation that will improve consumers car riding experience as well as boost category adoption.”

 Commenting on the innovation and category, Karn Bawari, Global Head for Category Direction and Development – Air Care, Godrej Consumer Products Limited (GCPL), said, “Globally, the highest volume driver for car air fresheners is the hanging format – a trend which seems to have caught on in India as well. However, it is noteworthy that this space is largely dominated by unbranded options that either don’t give the right level of fragrance or last as long as advertised. With Godrej aer O, we bridge product delivery and affordability, providing consumers with a value-driven solution that is also aesthetically appealing.”

With Godrej aer O’s disruptive entry into the market, Godrej aer redefines the dynamics of car fragrances in India. The brand’s unwavering dedication to innovation and customer satisfaction is evident in this groundbreaking product. Godrej aer O is not merely a car fragrance but a gateway to a world of superior car fragrance, where daily commutes become a sensorial delight.

D2C companies move over e-commerce marketplaces, ride on “Unbundling of E-commerce”

Chennai, 08 December, 2023: India is witnessing a shift of Direct-to-Consumer (D2C) companies from large eCommerce marketplaces to individual service providers across the value chain. From developing the platform (website and apps) to driving discovery through social media and partnering with Checkout network providers to provide a seamless payment experience, D2C companies are looking beyond large e-commerce marketplaces to establish their brands. This is a part of the larger “Unbundling of E-commerce” trend unfolding in India.

 While D2C companies were able to get pan-India market access and become profitable courtesy the e-commerce marketplaces, they were unable to build a direct relationship with the consumers and also had to face high commissions. This is being addressed by the ‘Unbundling of E-commerce’ where D2C brands can choose the platform, logistics, and checkout network provider of their choice at significantly lower costs than marketplaces.

 Brands such as Boult Audio, Hammer, Gizmore, Corseca and Organic India, who began by selling their products through e-commerce marketplaces, have started serving customers through their own platforms as well. According to consulting firm KPMG, the Indian D2C market currently stands at approximately $12 billion in 2022 and is projected to cross $60 billion by 2027, growing at a CAGR of 40 percent.

 “As D2C brands come out of the shadows of the large e-commerce marketplaces, offering a checkout experience similar to these marketplaces becomes important to reduce friction in customer journey. At Simpl, we have built a Merchant First Checkout Network integrated with our revolutionary 1-tap pay which enables a seamless payment experience and customers can also view the status of their shipment like they experience on large marketplaces. This becomes important to ensure the brand constantly receives repeat customers which is essential for its success,” said Nitya Sharma, Founder and CEO of Simpl.

 Currently, over 26,000 small and large merchants including D2C brands and over 50 lakh active customers use Simpl’s 1-tap pay and Checkout Network across the country.

 “At the Bear House, we continuously seek exceptional partners to foster long-term business associations. Simpl was one such fortunate addition we made at an early stage, and our journey with them has been nothing short of phenomenal.The results we achieved through our partnership with Simpl surpassed all expectations. With their support and expertise, we experienced an outstanding 12.7X Return on Investment (ROI) and our website Conversion increased by 30% , reflecting the impact of our collaborative efforts on customer behavior. A pivotal aspect of our success story with Simpl was the remarkable increase in prepaid orders by 22% and a 6% reduction of RTO orders (Return to origin).One of the key pillars that set Simpl apart was their exceptional customer support. Their dedicated team was always responsive, proactive, and solution-oriented, making them an ideal partner for Direct-to-Consumer (D2C) companies like ours. With utmost confidence, I recommend Simpl to all of you who aspire to accelerate the growth of your brand and enhance the seamless customer journey” said Harsh Somaiya, The Bear House.

 Apart from offering a seamless checkout experience, there are multiple other pain points of emerging D2C brands that need to be solved such as easy access to credit, lack of marketing, and legal support among others. Simpl through its D2C Simplified initiative is driving several community efforts to empower the D2C ecosystem and has partnered with nearly a dozen companies over the last 1 year such as Klub, Adyogi, and Zolvit to provide support to the ecosystem.

Phoenix Marketcity Pune to host Spectacular Supercars Festival on 9th &10th December 2023

Pune, 08th December – Phoenix Marketcity Pune in collaboration with TURBOCHARGED, India’s youngest automotive publication, is set to ignite Pune with a thrilling automotive spectacle on December 9th and 10th. On these days, attendees can expect a fusion of style and speed, with a dazzling display of 12+ supercars at Phoenix Marketcity, Pune. This collaboration promises a captivating celebration of speed, style, and immersive storytelling, bringing together the dynamic world of high-performance vehicles with the vibrant ambiance of Phoenix Marketcity.

 TURBOCHARGED, renowned for its immersive storytelling and visual prowess, is set to elevate the excitement of high-performance vehicles to new heights in partnership with Phoenix Marketcity. As the premier automotive publication in India, TURBOCHARGED is dedicated to injecting passion into every automotive narrative, redefining the way automobiles are perceived, and is committed to providing a fresh perspective on the high-octane world of supercars. Their partnership with Phoenix Marketcity signifies a merging of creative forces, aiming to offer attendees more than just a visual spectacle of impressive vehicles.

 The spectacular Supercars Festival, boasting a dazzling display of over 12 supercars, will be a testament to cutting-edge design and engineering excellence. The festival promises an unforgettable experience, seamlessly blending the glamour of supercars with the vibrant atmosphere of Phoenix Marketcity. Enthusiasts and casual admirers alike will revel in the spectacle, from the thunderous roars of engines to the awe-inspiring design on display.

 This unique event offers an opportunity for attendees to witness the convergence of style, speed, and storytelling at Phoenix Marketcity Pune. Join us for a weekend of automotive excellence and embrace the thrill of the Super Cars Festival on 9th & 10th Dec.

Axis My India: December CSI Survey

Essential spends increased for 49% and discretionary spends increased by 15%, the highest surge in the last 9 months – Axis My India December CSI Survey

•   Overall household spending has risen for 58% of families
• 49% leaning towards mobile phone investments,
•   30% interested in personal mobility, notably two-wheelers
•   44% of households have increased their health-related expenses
•   27% aware of Ayushman Bharat – Jan Arogya Yojana
•   28% are both aware and enrolled in Ayushman Bharat – Jan Arogya Yojana

India, 8 th December 2023: Axis My India, a leading consumer data intelligence company, unveils the latest insights from the India Consumer Sentiment Index (CSI), revealing noteworthy trends in consumer behaviour. The report uncovers diverse trends among Indian households, with 46% reporting increased spending and feeling more financially secure than last year. Additionally, the survey highlights recent spending habits, revealing 49% of consumers investing in mobile phones, showcasing a shift towards technology. These insights reflect India’s changing consumption patterns based on consumer spending power and lifestyle choices. The survey also sheds light on public awareness and participation in the Ayushman Bharat – Jan Arogya Yojana, a pivotal health insurance scheme by the Government of India.

 The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +9.9, which is an increase of +0.9 from the last month.

 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, entertainment & tourism trends.

 The survey used Computer-Aided Telephonic Interviews and included 5,143 participants from 35 states and UTs. Among them, 72% were from rural areas and 28% from urban areas. In terms of regions, 23% were from the North, 24% from the East, 28% from the West, and 25% from the South of India. Among the participants, 60% were male and 40% were female. Looking at the largest groups, 30% were aged between 36 and 50 years old, while 25% were aged between 26 and 35 years old

 Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said, “As we analyze the recent trends in India’s economic landscape, the subtle yet significant transformations in consumer behavior and spending emerge distinctly. The evolving spending habits reveal a fascinating dynamic of necessity versus aspiration in consumer behavior. We are seeing a nuanced evolution in how households manage their finances and what they prioritize. From embracing digital technology to rethinking financial strategies, the Indian consumer is navigating an ever-changing economic environment with adaptability and foresight. The adaptability to govt schemes also highlights the government’s role in spreading awareness towards their initiatives as an extension of their contribution to the nation. This trend is a reflection of the current economic and political climate, but is also a crucial indicator for the retail industry, signaling to shift consumer priorities and guiding future market strategies

 Key findings

•  Overall household spending has increased for 58% of the families, which is a decrease by 2% from last month. Consumption remains the same for 33% of families. The net score, which was +51 last month, has dipped to +50 this month.
•  Spends on essentials like personal care & household items have increased for 49% of families, which marks an increase by 5% from last month. Consumption remains the same for 36% of families. The net score, which was at +27 last month, has surged to +34 this month.
•  Spends on non-essential & discretionary products like AC, Car, and Refrigerators have increased for 15% of families. Consumption remains the same for 79% of families. The net score, which was +3 last month, is at +9 this month.
•  Expenses towards health-related items such as vitamins, tests, and healthy food have surged for 44% of the families, which marks an increase by 7% from last month. Consumption remains the same for 41% of families. 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 -30 this month.
•  Consumption of media (TV, Internet, Radio, etc.) has increased for 23% of families which is an increase by 3% from last month. The net score, which was -1 last month, is at +2 this month.
•  Mobility has increased for 8% of the families, which is an increase of 1% from last month. The net score, which was -4 last month, is at -5 this month. Mobility remains the same for 78% of the families.

 On topics of current national interest

•  The survey provided insightful data on household income, spending, and consumption patterns bringing to light a spectrum of sentiments regarding the nation’s economic conditions this year. 46% of the participants expressed a sense of financial upliftment in 2023 compared to 2022 terms of financial well-being. Meanwhile, 36% still hold 2022 in higher regard, feeling that the previous year offered better financial stability. Additionally, 18% of the respondents viewed 2023 as being on par with the previous year, indicating a sense of consistency in their financial experiences.
• The survey offered valuable insights into the spending patterns of consumers over the past and upcoming six months, highlighting shifts in purchase priorities. According to the findings, a significant 49% of respondent s are leaning towards investing in mobile phones, signalling a strong inclination towards technology and connectivity. Following closely, 37% of the respondents are focusing on financial prudence, with choosing a bank account being a top priority, reflecting an increased awareness and emphasis on financial management. Additionally, personal mobility emerges as a significant factor, with 30% of the respondents showing a preference for acquiring two-wheelers, underlining the growing importance of personal transportation in daily life.
•   In the wake of BJP’s notable victories in recent state elections, the survey tapped into the public’s perception of influence in India’s political sphere. Reflecting on this political landscape, 60% of the respondents identified Prime Minister Narendra Modi as the most influential figure of 2023. This perception has been further bolstered by the Prime Minister’s active international engagements, including his pivotal role in the G20 summit and efforts towards elevating India’s presence on the global stage. These events have clearly struck a chord with many people, contributing to the increased recognition of Narendra Modi as a significant influencer this year.
•   The survey delved into identifying the top milestone missions for India in a year filled with significant events, including the ICC World Cup and the G20 Summit. A significant 54% of respondents identified the Chandrayaan-3 lunar mission as the most defining milestone of the year. This sentiment is underscored by the remarkable success of Chandrayaan-3, India’s ambitious lunar mission. The event not only garnered widespread acclaim and also set a new record with 8.06 million concurrent views during its live stream, highlighting the nation’s growing prowess and interest in space exploration and scientific achievements.
•   The survey unveiled that a significant 62% of respondents watched the ICC World Cup 2023, showcasing the event’s wide-reaching appeal. Delving deeper into the modes of viewership, it was found that 31% of the respondents followed the matches on television, while a notable 22% of the respondents opted to watch the games on their mobile phones, highlighting the diverse ways in which audiences are consuming sports content in the digital age.
•  The study delved into the average daily time spent on TV and Video Streaming Platforms/OTT across various time brackets. The overall time spent on TV is 65 minutes per day compared to 61 minutes on OTT. The younger age group spend significantly higher time spent on OTT (96 minutes per day) compared to TV (60 minutes per day)

 o For those allocating less than 30 minutes, 14% of respondents reported spending their time on TV, while 15% preferred Video Streaming Platforms/OTT.
o In the 30 minutes to 1-hour category, 16% indicated TV usage compared to 13% for Video Streaming Platforms/OTT.
o Moving on to the 1-2 hour bracket, 24% opted for TV, while 18% chose Video Streaming Platforms/OTT
o The percentages decrease for longer durations, with 10% on TV and 9% on Video Streaming Platforms/OTT for 3-4 hours.
o 2% on TV and 3% on Video Streaming Platforms/OTT for 5-8 hours.
o Merely 1% for both TV and Video Streaming Platforms/OTT for 9 or more hours.

 This breakdown illustrates the varying preferences in media consumption habits, emphasizing a notable shift towards digital platforms, especially for shorter durations.

•   Expanding on the findings regarding age-wise distribution, the data from Axis My India provides insights into the percentage of individuals within different age groups who spend  ‘1-2 hours’ watching TV on a typical day:

 o 23% of 18-25 age group dedicate this time to TV
o 21% of 26-35 age group dedicate this time to TV
o 27% of 36-50 age group dedicate this time to TV
o 26% of 51-60 age group dedicate this time to TV
o 25% of above 60 age group dedicate this time to TV

 This suggests a fairly even distribution of TV-watching habits across different age groups, with a slightly higher inclination in the 36-50 age category.

•  Examining the data on a typical day’s OTT viewership, distinct patterns emerge across various age groups:

 o Among individuals aged 18-25, a notable 25% engage with OTT platforms,
o Slightly lower yet significant 24% from the 26-35 age group do the same.
o The prevalence decreases in the 36-50 age group, with 17% of individuals choosing OTT for their media consumption.
o Further down the age spectrum, the 51-60 age group and those above 60 exhibit  similar preferences, with 12% from both demographics tuning into OTT platforms

These findings highlight the varying degrees of adoption of OTT platforms across different age brackets, indicating a higher affinity among younger individuals for on-demand streaming services. This suggests a fairly even distribution of TV-watching habits across different age groups, with a slightly higher inclination in the 36-50 age category.

•  The survey shed light on public awareness and participation in the Ayushman Bharat – Jan Arogya Yojana, a pivotal health insurance scheme by the Government of India. It was revealed that 27% of respondents are aware of the scheme but have not taken the step to enroll. This indicates a significant level of awareness about the scheme, yet highlights a gap between awareness and action. On the other hand, 28% of respondents are aware of the scheme and have actively enrolled in the scheme, suggesting a proactive approach towards
  availing the health benefits offered.
•     The survey provided insights into the public’s awareness and adoption of the 14-digit Ayushman Bharat Health Account (ABHA) card, a key component of India’s health digitisation efforts. It revealed that 84% of respondents, are unaware of the ABHA card, indicating a significant knowledge gap in this critical health initiative. This suggests a considerable gap in public knowledge regarding the ABHA and its benefits. On the other hand, 9% of respondents have actively obtained the ABHA card, indicating some level of engagement and uptake among the populace. Meanwhile, 7% of respondents, although aware of the ABHA, do not possess the card.

• With the five state elections seen as a prelude to the 2024 Lok Sabha elections, the  December CSI Report highlights the keen interest among the public in political trends. A significant 67% of respondents had expressed their intent to watch the exit polls of these crucial state elections, indicating a high level of engagement and curiosity about the potential outcomes and their implications. In contrast, 32% of the surveyed population are not planning to tune in for the exit polls, suggesting varying levels of political interest and engagement across the public.
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