Axis My India survey shows only 16% people will invest this year, 78% say no

34 percent of the people said they would like to invest for their children’s education. 30 percent of people resonated the idea to save more this year, the report said.

The findings are based on a survey of 10,019 people across India, of which 70 percent are from rural areas and the rest of the 30 percent are from urban areas.

Commenting on the report, Pradeep Gupta, Chairman & MD, Axis My India, said “Our Consumer Sentiment Index shows that the sentiments were highest in H1 of 2022 post which it dipped slightly but overall, we ended 2022 with consumer sentiments better than 2021 and much better than 2020. Moving forward, the intent to invest and save more in 2023 reflects the current environment of resilience & cautious growth."

Meanwhile, the Reserve Bank of India's (RBI's) Consumer Confidence Survey (CCS), November 2022 recently showed that current period has continued on its recovery path after the second wave of the COVID-19 pandemic, though it remained in the pessimistic zone.

The current situation index (CSI)2 improved on account of better perceptions on general economic situation, employment and household income. One year ahead outlook, as measured by the future expectations index (FEI), also improved, after remaining steady in the previous three survey rounds.

The current sentiment on overall spending remained close to its level in the previous survey round, though year-ahead outlook improved marginally. The outlook on discretionary spending moved to positive terrain for the first time since the onset of the pandemic, according to RBI.