New Delhi: As many as 88 per cent of Indians were happy with the reopening of offices in August after the prolonged period of working from home due to the Covid-19 pandemic, a new survey has revealed.
According to the India Consumer Sentiment Index (CSI), conducted by consumer data intelligence consultancy Axis My India, 83 per cent Indians were also not going to undertake a journey or holiday this year while 15 per cent said they will travel only domestically.
The CSI offers a monthly analysis of consumer perception on a wide range of issues. The latest edition for the month of August was released last week.
The index analyses consumer sentiment on five indices — overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits and mobility trends.
For the poll, a total of 10,482 Indians were surveyed via computer-aided telephonic interviews. Of the total respondents, 72 per cent were male and 28 per cent were female from 28 states and seven Union Territories.
Stock market trends, upcoming festival season
According to the survey, those respondents who invested in stock markets were considerably upbeat about the bullish momentum with 64 per cent of them believing that Sensex will cross the 60,000-mark in the next few months. However, 29 per cent said the markets will come down in the next few days.
In what the survey calls a “true reflection of Indian investor population”, a majority — 74 per cent of the respondents — don’t invest in stock markets at all.
The poll also looked at the likely consumer habits during the upcoming festival season. It found that 42 per cent families said they will spend more or the same on festival shopping, exhibiting cautious optimism. An increase in spending is expected among private and government service employees, My Axis India noted.
Meanwhile, spending on non-essential and discretionary products remains cautious with only 21 per cent families registering an increase in them, which is also an indication of festive spirit, since the number was 15 per cent in July. This increase was the highest in rural India.
Another key finding of the study was that overall household spending increased for 56 per cent families, which is a 2 per cent increase from 54 per cent in July. The highest increase was registered in north India at 61 per cent.
The survey also found that the consumption of health-related items remained the same as last month for all respondents at 79 per cent. As many as 96 per cent respondents, meanwhile, said they will implement Covid-appropriate behaviour this festival season.
“As the festive season approaches, consumers are slowly stepping out as proven by increased numbers for non-essential spending and mobility. This should have a positive effect on the hospitality industry, which has been severely affected due to the pandemic,” said Pradeep Gupta, CMD at Axis My India, in a statement.
“Overall, we hold a cautious but optimistic outlook on consumer sentiments,” Gupta added.