22% of families see media consumption rise, despite 1% dip

There has been a significant increase in content consumption, per a new survey by Axis My India. Besides, a majority of respondents to the survey indicated that household spending had increased. Overall, Axis My India’s latest India Consumer Sentiment Index (CSI) paints an optimistic picture of consumer spending trends at the dawn of the New Year.

The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was +10.3, an increase of 0.3 from the last month. Consumption of media (TV, Internet, Radio, etc.) has increased for 22% of families, which is a decrease of 1% from last month. The net score, which was +2 last month, is at +3 this month.

The report highlights a steady increase in household spending among 58% of families, complemented by a significant rise in essential spending, reflecting a conscious prioritisation of daily necessities.

Amidst the festive sparkle, a discernible 18% of consumers are embracing the joy of luxury, while a robust 79% display a preference for economical choices, showcasing a healthy balance in financial strategies.

As much as 14% of those surveyed said they are proactively engaging in financial planning, indicative of a growing financial awareness and foresight. These insights, mirroring a dynamic economic landscape, signal not just an adaptation to current circumstances but also a forward-looking approach in consumer spending, suggesting a year of promising opportunities and mindful financial choices ahead.

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, and entertainment & tourism trends.

The survey used computer-aided telephone interviews and included 4,603 participants from 35 states and UTs. Among them, 70% were from rural areas and 30% from urban areas. In terms of regions, 25% were from the North, 27% were from the East, 31% were from the West, and 17% were from the South of India. Among the participants, 59% were male and 41% were female. Looking at the largest groups, 28% were aged between 36 and 50 years old, while 27% were aged between 26 and 35 years old.

Pradeep Gupta, Chairman and MD of Axis My India, said, “As we start the New Year, our findings offer a lens into the dynamic interplay of consumer choices and financial strategies. The festive period, with its unique blend of luxury spending and economical choices, reflects a complex yet telling narrative about our society’s financial adaptability and prudence.”

Key findings

• Overall, household spending has increased for 58% of families. Consumption remains the same for 35% of families. The net score is +50, which is the same as last month.
• Spends on essentials like personal care & household items have increased for 48% of families. Consumption remains the same for 39% of families. The net score is at +34 this month.
• Spends on non-essential & discretionary products like AC, Car, and Refrigerators have increased for 13% of families. Consumption remains the same for 81% of families. The net score, which was +9 last month, is at +6 this month.
• Expenses towards health-related items such as vitamins, tests, and healthy food have surged for 40% of the families. Consumption remains the same for 46% 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 -26 this month.
• Consumption of media (TV, Internet, Radio, etc.) has increased for 22% of families, which is a decrease of 1% from last month. The net score, which was +2 last month, is at +3 this month.
• Mobility has increased for 7% of the families. The net score, which was -5 last month, is at -6 this month. Mobility remains the same for 80% of the families.

The survey explored the intricate landscape of content consumption across TV and Video Streaming Platforms/OTT, revealing diverse viewer preferences:

Serials on TV are favoured by 19% of the respondents.

• Movies are watched on TV by 20% of respondents, with another 20% of the respondents enjoying them on both TV and video streaming platforms/OTT
• Sports content is equally popular on both mediums, with 22% of respondents tuning into both TV and video streaming platforms/OTT
• Long-form videos or content on video streaming platforms are the choice for 16% of respondents.
• Short-form videos or content on video streaming platforms attract 22% of respondents.

This diverse breakdown underscores a significant shift in media consumption habits, with digital platforms gaining prominence. Business Today