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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Snitch Takes Home Title of The Most Loved Gen-Z Brand of the Year Award at Myntra’s Tech Threads

New Delhi, 8th December 2023 – Snitch, a leading direct-to-consumer (D2C) men’s trend-first brand, is proud to announce that it has been bestowed with the prestigious ‘Most Loved GenZ Brand of the Year’ Award by Myntra at the e-commerce major’s recently held Annual Brand Summit, Tech Threads.

 Snitch is set to unlock its growth potential by leveraging Myntra’s proven expertise in brand-building which in turn will drive scale at an optimized cost, propelled by significantly enhanced on and off-app visibility and strategic guidance. As a significant associate in this journey, Myntra through its Myntra Rising STARS program will provide full funnel support focusing on building awareness, driving consideration, and conversations around the brand Snitch.

 Known for unconventional style for men, Snitch has emerged as one of the favorite brands among GenZ fashion enthusiasts. With a keen focus on staying on top of the latest trends, Snitch continuously delivers fresh and innovative designs that captivate the hearts of young consumers. The brand’s extensive range of offerings includes shirts, t-shirts, jeans, jackets, and sweatshirts, ensuring that there is something for everyone within its versatile collection. For the upcoming 19th edition of EORS, you can shop for the latest trendy collections at irresistible offers on Myntra.

 The brand attributes its success to its unwavering commitment to provide top-quality products that combine style, comfort, and affordability. By constantly pushing the boundaries of fashion, Snitch has managed to create a unique identity and gain a loyal following among the GenZ demographic.

 “We are thrilled and honored to receive the Most Loved GenZ Brand of the Year Award from Myntra at this year’s Tech Threads,” said Siddharth Dungarwal, Founder of Snitch. “This recognition is a testament to the hard work and dedication of our talented team, who continuously strive to deliver exceptional collections that resonate with our audience. We are grateful for the support and trust of our customers, and we look forward to continuing to provide them with trendy and high-quality fashion for years to come.”

 “Snitch has a significant place in India’s evolving fashion market, especially among GenZ consumers. We certainly recognize Snitch as one of the fastest-emerging fashion brands that resonates with the idea of youth fashion and we believe that Myntra’s market expertise helps Snitch accelerate its growth path ahead”, said a key spokesperson of Myntra.

 As GenZ continues to shape the fashion industry with its bold and innovative style choices, Snitch is committed to stay at the forefront of this exciting movement. With their unique offerings and trendsetting designs, Snitch aims to empower young individuals to express their individuality through fashion.

Millennials and Gen Z constituted 53% of demand for home loans: Magicbricks

New Delhi, December 8, 2023: Based on the preferences of customers on its platform between October 2022 and October 2023, Magicbricks has observed that Millennials and Gen Zs (age group of 18-34 years) constituted 53% of the total demand for home loans in India. While male applicants contributed to 74% of this demand, female applicants constituted 26%.

 The leading real estate portal also observed that 58% of the demand for home loans is for the affordable segment (up to INR 40 lakh). Gurugram was the only outlier, where demand for home loans of the ticket size INR 40 to 60 lakh was also significantly high (25%); followed by the demand for loans of INR 1 to 1.5 crore (13%).

 Further, 80% of the demand came from residents in tier 1 cities, and Mumbai (22%), Bengaluru (19%), and Noida (17%) lead home loan disbursements.

 Elaborating on the same, Nimesh Bhandari, Business Head- Home Loans shared, “There is a discernible shift in the investment preferences of Gen Z and millennials towards real estate, mirroring a similar trend in the home loans category. With a stabilized repo rate, real estate remains an attractive investment asset for this demographic, and we expect a sustained surge in demand in the forthcoming months. To facilitate smoother home loan procedures, Magicbricks has already partnered with 50+ financial institutions and targeting a five-fold growth, with enhanced convenience and accessibility for our customers”

Home Loan Disbured:

 Magicbricks also shared that HDFC, SBI, and Bajaj Housing lead in terms of home loan applications on its platform.

 Ticket Size Demand:

Source: Magicbricks Research; data between October 2022 and October 2023