26% still prefer to park their funds in Savings Account (SA) as per Axis My India May CSI Survey

20% plans to invest in business. 16% in insurance, 13% in real estate

· 10,206 people surveyed; 64% are from rural India while 36% are from urban India

· 8% is looking to invest in FD & RD & 7% in Gold

· 17% is willing to pay 10% or more for environmentally friendly and sustainable products

· 11% will plan to buy a 2-wheeler EV and 6% a 4-wheeler EV in the next few years

· 6% have heard about ChatGPT, out of which 81% believe it is more of a boon than bane

· Overall household spending up for 56%, highest from West Bengal

Bangalore, 4th May 2023: 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 May report reveals insights on consumer investment plans for the new financial year, perceptions on education infrastructure in India, and their interaction with new AI tools like ChatGPT. The survey found that a significant proportion of consumers plan to park their funds in savings accounts, while a smaller percentage plans to invest in their own business or in health and life insurance. The survey also shed light on the education infrastructure in India, and the willingness of parents to send their children to Government schools if infrastructure improves. Finally, the survey examined consumer interaction with new AI tools such as ChatGPT, revealing insights into perceptions of the tool’s efficiency and impact on job security and data reliability.

The May net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +09, which has increased by 1 point compared to last month.

The sentiment analysis delves into five relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment & tourism trends.

The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 10,206 people across 35 states and UTs. 64% belonged to rural India, while 36% belonged to urban counterparts. In terms of regional spread, 26% belong to the Northern parts while 25% belong to the Eastern parts of India. Moreover, 29% and 19% belonged to Western and Southern parts of India respectively. 64% of the respondents were male, while 36% were female. In terms of the two majority sample groups, 32% reflect the age group 36YO to 50YO and 29% reflect the age group of 26YO to 35YO.

Commenting on the CSI report, Pradeep Gupta, Chairman & MD, Axis My India, said “The survey reveals that for a significant population savings account is still the preferred medium to park their funds. Additionally, there is an obvious contrast in education infrastructure preferences between urban and rural areas, with overall a positive attitude towards government schools if they provide superior facilities and quality education. Finally, our report highlights the increasing importance of AI tools like ChatGPT in the workplace, with a majority of young adults viewing it as an advantage to their work. These insights provide valuable information for businesses, policymakers, and educators to better understand and meet the evolving needs of consumers.”

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