While there was a rise in household spends, the amount spent on health-related items witness a dip in percentage terms in November, according to Axis My India’s latest finding on India Consumer Sentiment Index (CSI).
The survey states that the percentage increase in consumer spends, however, did not match the pace that was witnessed in October, which is a reflection of the post-festive period sentiment. The overall household spending increased for 62 percent of families survey, the report said, adding that the rise is majorly reflected in the northern part of India.
The consumption of health-related items increased for 42 percent of families in November, which is the lowest in the last three months, the report said. It must be noted that lower spends on health-related items is seen as positive sentiment, the lesser the spends on health items the better the sentiments.
Around 10,552 people participated in the survey from across 36 states, around 64 percent from rural and 36 percent from urban areas.
According to the report, the December net CSI score, which is calculated by percentage increase minus percentage decrease in sentiment, was down to 8, from 9 in November. The score has witnessed a dip for the first time in four months.
Commenting on the November report, Pradeep Gupta, CMD, Axis My India, said, “With the year approaching to an end, we witness consumer’s gradual return to normalcy, though a slight drop in Net Promoter Score also demonstrates that the impact of festive spending is slowly tapering."
The survey revealed that the northern region in India dominated the spend followed by the south and west regions.
There was a 49 percent and 15 percent increase in essentials and non-essential spends, respectively. Only 7 percent families survey spent on discretionary products this month like two-wheelers, AC, TV, fridge etc. In that segment as well, the majority spend was on two-wheelers.
The survey further stated about 81 percent families, 3 percent more than last month, said that they went out for short vacations, and/or to malls and restaurants in November,
(Edited by : Kanishka Sarkar)
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