New Year Shopping: 18% of respondents opt for high-end luxury purchases, reveals survey

In terms of overall household spending, there has been an increase for 58% of families, with consumption remaining the same for 35% of families. The net score remains steady at +50, the same as last month, according to the latest report on the India Consumer Sentiment Index (CSI) by Axis My India.

Spending on essentials such as personal care and household items has risen for 48% of families, with consumption remaining unchanged for 39% of families. The net score for this category stands at +34 this month.

On the other hand, spending on non-essential and discretionary products like air conditioners, cars, and refrigerators has increased for 13% of families, while consumption remains steady for 81% of families. The net score, which was +9 last month, has slightly decreased to +6 this month.

The survey highlights that the expenses related to health, including vitamins, tests, and healthy food, have seen a surge for 40% of families. Consumption remains the same for 46% of families in this category. The health score, which actually has a negative connotation (indicating that lower spending on health items is seen as more positive), has a net score value of -26 this month.

Consumption of media, including television, internet, and radio, has increased for 22% of families, with a slight decrease of 1% from last month. The net score for media consumption has increased from +2 to +3 this month.

Regarding mobility, there has been an increase for 7% of families, while 80% of families report no change in mobility. The net score for mobility, which was -5 last month, has decreased further to -6 this month.

India Consumer Sentiment Index

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India Consumer Sentiment Index

The glimmering lights of Christmas and New Year’s Eve bring forth an interesting trend in the retail world. Amongst the allure of extravagant goods, 18% of respondents plan to indulge in luxury items like high-end electronics and fashion. However, a majority of 79% opt for more economical choices as the year comes to a close. 

The beginning of the New Year often prompts people to reflect on their finances and seek out tax planning and investment reviews. In this pursuit, a dedicated 14% of respondents engage in specific financial planning activities.

On the other hand, 84% choose not to partake in these activities, indicating either a confidence in their ongoing financial strategies or a preference for a less seasonal approach to financial management, as per the report.

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Published: 04 Jan 2024, 01:25 PM IST

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