NEW DELHI: Overall household spending in June has increased for 59% of families, which reflects a 2% dip from last month, according to India Consumer Sentiment Index (CSI) by Axis My India. The report, released on Monday, reveals that consumption of both essentials & non-essentials continued to dip, a trend seen in the past three months. June, however, saw the highest dip in three months.
Spends on essentials like personal care & household items remain the same for 37% of the families, which is an increase by 4% from last month, says the report. Spending, however, has increased for 44% of the families, which reflects a dip by 2% (i.e. 46%) from last month.
The sentiment analysis is based on five categories – overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends. The report shows that spending on non-essential & discretionary products like AC, cars, and refrigerators remains the same for 88% of families, reflecting an increase of 2% from last month.
Pradeep Gupta, Chairman & MD, Axis My India, said, “Over time, consumer spending has reached a status quo bias where the keenness to increase consumption has been limited.” “This is mainly due to inflation and the after-effects of the pandemic, which has made it difficult for consumers to see their nominal incomes recover to pre-pandemic levels. While in response to this, the government has reduced the petrol and diesel prices, a major chunk of consumers are still looking for further ease,” Gupta added.
Spending on essentials remains flat
Spending on essentials like personal care, and household items remain the same for 37% of the families, a raise of 4% from last month. Spending, however, has increased for 44% of the families, which reflects a dip of 2%