The India Consumer Sentiment Index (CSI) by consumer data intelligence company, Axis My India has revealed that 44 per cent of e-commerce shoppers intend to spend more in the Diwali season of 2023 than they did last year.
A total of 23 per cent of respondents also are anticipating increased shopping activities during the upcoming festive season. In addition, respondents also cited a 3 per cent decrease in overall household spending in August 2023 compared to July 2023.
The survey included 5,048 participants from 35 states and Union Territories (UTs). It pointed at the growing importance of e-commerce platforms in the retail sector.
Another finding was that people are less inclined to invest in the stock market, but at the same time, they are optimistic that the Sensex will cross the 70,000-mark this Diwali.
On the investment sentiment, the survey found that that only 6 per cent plan to invest more, while 10 per cent intend to invest less. Notably, 79 per cent of respondents do not currently invest in stocks.
Pradeep Gupta, chairman and managing director of Axis My India, said: “Our insights paint an encouraging picture for the retail landscape. E-commerce continues to play a pivotal role, with an increasing interest in festive online sales. As consumer preferences shape the retail arena, we anticipate a vibrant festive shopping spree ahead.”
The findings shed light on evolving consumer behaviour, with potential implications for personal finance and investment decisions in the coming months.
About 55 per cent of families reported increased overall household spending, though overall spending was down 3 per cent from the previous month. Another 41 per cent of families spoke of increased spending on essentials, such as personal care and household items.
A total of 6 per cent of families said they had increased their spending on non-essential items, such as electronic appliances and cars. However, the overall spending in this category remains the same.
Also, about 34 per cent of families had increased spending on health-related items, which reflects a 1 per cent uptick from the previous month.
The survey also explored consumers’ shopping preferences for the upcoming festive sale with 23 per cent planning to shop more. About 44 per cent said they will be shopping more through e-commerce mediums as compared to last year.
A total of 28 per cent said they would maintain their earlier spending habits, while 11 per cent respondents who earlier didn’t participate, said they will buy from e-commerce platforms, such as Amazon and Flipkart in festive sales this year.