A notable majority in a recent survey has expressed confidence that India will not face an economic recession or just to some extent in 2023, indicating stability for the country’s economy. Furthermore, a significant proportion of participants reported being unaffected by job cuts or layoffs which contrasts with some of the global economies. Additionally, the Axis My India survey highlighted the positive sentiment towards AI-related tools, with respondents acknowledging their ability to reduce workload and save time.
The survey said these insights signify the growing acceptance and recognition of technology’s potential to enhance productivity and efficiency in the workplace. Overall, the survey reflects a prevailing sense of optimism among consumers, with positive sentiments regarding the economy, job stability, and the increasing adoption of AI technologies.
Axis My India, a leading consumer data intelligence company, has released its latest findings of the India Consumer Sentiment Index, shedding light on optimistic consumer perceptions around the economy, employment, and technology adoption.
The June net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +9, which has remained the same as compared to last month.
According to the survey, which encompassed a total consumer base of 9,567 individuals, the findings reveal varying opinions regarding the likelihood of India experiencing an economic recession in 2023.
Recession and India
Among the respondents, 22% believe that India will witness a significant recession, while 19% anticipate it to some extent. On the other hand, 31% of the respondents expressed confidence that India will not face a recession, the rest being unsure.
Layoffs
In response to the question regarding whether respondents have been affected by job cuts or layoffs, considering those who answered “Yes” to being involved in a private/corporate job, the survey findings revealed that 17% reported being affected to a great extent, while an additional 19% stated being affected to some extent.
Conversely, the majority of respondents, comprising 64%, mentioned that they have not been affected by job cuts or layoffs. These results thus highlight that a substantial portion of respondents have remained unaffected by such circumstances.
AI tools
Furthermore, when asked about the frequency of using AI-related tools while working or studying at college, the survey revealed only a negligible percentage of respondents reported daily (1%), occasional (1%), or rare (1%) usage.
In contrast, a substantial majority of participants either do not use AI tools at all (9%) or are unaware of their existence (88%). These results indicate a limited adoption and awareness of AI-related tools among the surveyed population, highlighting the need for increased education and exposure in this domain.
The survey further found that 28% of those who do use AI tools (daily, occasionally, and rarely) believe that it improves the efficiency and productivity of workplaces or educational institutions.
When considering the ways in which AI tools influence their work or studies, respondents who reported using AI tools daily, occasionally, or rarely provided the following insights: 6% found AI tools effective in answering queries compared to other sources, 22% appreciated their ability to reduce workload and save time, and 4% acknowledged AI tools’ capability to perform simple tasks with minimal interference.
However 2% expressed concerns about relying too heavily on AI, and 1% reported a perceived loss of critical thinking and decision-making skills. These responses highlight the varied impacts of AI tools, ranging from improved efficiency and time savings to concerns regarding overdependence and potential effects on cognitive abilities.
When asked about their beliefs regarding the potential for AI tools to replace human jobs in the future, respondents (excluding those who answered “Not aware”) revealed a range of perspectives.
26% believe that AI tools do have the potential to replace human jobs. While 25% believe otherwise, a majority of such respondents were male (20%).
Interestingly, 50% of respondents acknowledged that only repetitive or routine tasks, which are susceptible to automation, will likely be replaced by AI tools. A majority of such respondents were male (51%).
Consumer purchasing trends
The survey also threw light on the purchase plans for summer durable products such as air conditioners (AC) and refrigerators during the current summer season. It revealed that only 4% of the respondents have made a purchase, while 9% have plans to buy. In contrast, a significant majority of 86% expressed no intention to buy these products.
The survey further explored consumer affinity towards summer products like ice creams and beverages compared to the previous year. Among the respondents, 21% indicated consuming more of these products this summer as compared to last year. A large sum of these respondents are 18-25YO (33%).
A majority of 51% reported consuming the same amount as last year, while 28% mentioned consuming less than the previous year.
Household spending
Overall household spending has increased for 56% of the families, which is the same as last month. The net score, which was +48 last month, remains the same this month. The increase is slightly higher in Urban households.
Spends on essentials like personal care & household items have increased for 32% of the families, which is the same as last month. The net score, which was at +21 last month, is at +20 this month. Essential spending has increased more for the rural segment of the consumers (34%) as compared to Urban (29%).
Spends on non-essential & discretionary products like AC, Car, and Refrigerator have increased for 5% of families, which is the same as last month. The net score, which was at +1 last month, is 0 this month.
Expenses towards health-related items such as vitamins, tests, and healthy food has surged for 32% of the families. This reflects an increase in consumption by 1% from last month. The health score which has a negative connotation i.e., the less the spends on health items the better the sentiments, has a net score value -21 this month.
Health related products consumption increased more for the rural segment of the consumers (33%) and among those with a monthly income of 31000 and above (about 37%).
Pradeep Gupta, chairman and MD, Axis My India, said, “The survey underlines positive sentiment among consumers regarding the future of technology, the economy, and the job market. Our findings showcase a slow but growing acceptance and utilisation of AI-related tools, offering opportunities to streamline workflows and boost productivity. As we embrace the advancements in technology, businesses can leverage this momentum to foster innovation, create job opportunities, and contribute to the overall economic growth of the country.”
The survey was carried out via Computer-Aided Telephonic Interviews with a sample size of 9657 people across 33 states and UTs. 68% belonged to rural India, while 32% belonged to urban counterparts. In terms of regional spread, 30% belong to the Northern parts while 27% belong to the Eastern parts of India.
Moreover, 30% and 13% belonged to Western and Southern parts of India respectively. 68% of the respondents were male, while 32% were female. In terms of the two majority sample groups, 30% reflect the age group 26YO to 35YO and 31% reflect the age group of 36YO to 50YO.
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