By Our Staff
Axis My India, a leading consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. The March report highlights that consumption of media such as TV, Internet, Radio has increased for 19% of the families. Moreover, the survey on media consumption reveal a deeper penetration & time spent on OTT platform amongst Indian viewers.
Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said: “Over-the-top (OTT) consumption has been steadily growing among Indian consumers in recent years, particularly with the increasing availability of affordable high-speed internet connectivity and the widespread adoption of smartphones. The COVID-19 pandemic has also contributed to the growth of OTT consumption in India, with more people spending time at home and seeking entertainment options online. Many OTT platforms have reported a surge in viewership during the pandemic. Overall, the trend towards OTT consumption among Indian consumers is expected to continue in the coming years, driven by the growing demand for digital content, and the convenience of watching content anytime, anywhere, on any device.”
Key findings on Media Consumption Behaviour
>> Consumption of media (TV, Internet, Radio etc.) has increased for 19% of the families, which reflects a decrease by 1% from last month. The overall, net score, which was at 0 last month, is at -1 this month
>> The survey also threw light on the OTT (Over-the-top) viewing behaviour of viewers. According to the survey, 29% spend 1-3hrs watching content on OTT platforms, while 26% spend upto 30 minutes on OTT platforms. 23% watch content for 31mins-1hr and interestingly there are 8% who watch it for more than 3 hours
>> Moreover, the survey also discovered that 24% share their OTT passwords with their friends & family
On topics of current national interest:
>> Axis My India CSI survey deep dived to understand citizens’ sentiments towards the 2023 Union Budget. The survey found out that 52% were pleased with the announcement, which sets out on a quest to fulfil the dreams of the corporates, farmers, and the middle class. However, 29% rated the budget unsatisfactory and only 10% had a neutral stance towards it.
>> Further investigating sentiments, the study discovered that 72% believe that Indian economy would continue to grow in 2023 in comparison to previous year. The optimism stems from the country’s superior performance in dealing with unprecedented obstacles such as Covid, the Russia-Ukraine war, control of inflation as compared to other nations.
>> The survey also highlighted that 43% believe that Sensex will go beyond 70,000 in the next three months. Whereas 25% believe that, it will remain between 55,000 to 65,000. Additionally, 18% believe that it will drop below 50,000.
Key findings on the five indices
>> Expenses towards health-related items such as vitamins, tests, healthy food has surged for 35% of the families. This reflects an increase in consumption by 2% from last month. 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 -24 this month.
>> Mobility has increased for 7% of the families, which reflects a decrease by 2% from last month. The overall mobility net indicator score, which was at +2 last month, is at zero this month.
>> Overall household spending has increased for 58% of families, decrease by 1% from last month. The net score, which was +52 last month has decreased by 1 to +51 this month.
>> Spends on essentials like personal care & household items has increased for 36% of the families, which reflects a dip by 4% from last month. The net score, which was at +29 last month, has decreased by 6 to +23 this month.
>> Spends on non-essential & discretionary products like AC, Car, and Refrigerator has increased for 4% of families, which reflects a decrease by 1% from last month. The net score, which was at +1 last month, is at zero this month. Sentiment towards discretionary spending has steadily decreased over the last four months.