Saving More, Child’s Education, Jobs: Axis My India Survey Reveals What's on Minds of Indian Consumers in 2023

Saving more has emerged as the top New Year resolution for Indian consumers with their child’s education their main financial goal for 2023, as per the findings of the Consumer Sentiment Index by Axis My India. As per the survey, 16% respondents said they plan to make investments in the new year, while 29% said they are looking for better employment opportunities this year.

As per the January report, 16% respondents mentioned that they would invest in different modes of investment tools available such as mutual funds, gold, stock market and so on. Around 40% said they would invest in mutual funds, insurance, gold, stock markets etc and other 16% would invest in real estate.

Around 34% people surveyed said the investment would be for their children’s education.

Interestingly, 30% mentioned that saving more was their main New Year resolution in 2023 and 9% said they want to build good financial habits.

The survey also highlighted that 62% believe that the current government has been able to handle India’s economic situation better than other countries in 2022. “The expectation for 2023 is creation of more employment opportunities,” the report said.

Here’s a look at the top findings of the Axis My India Consumer Sentiment Index for 2023:

• 16% say they planning to invest in 2023 and 34% mentioned that their child’s education is their main financial goal
• 40% said that they would invest in mutual funds, insurance, gold, stock markets etc. and 16% would invest in real estate
• 29% mentioned that they are looking for better employment opportunities in 2023
• 30% mentioned that saving more is their key New Year resolution

The survey was carried out via computer-aided telephonic interviews with a sample size of 10,019 people across 36 states and UTs. Around 70% belonged to rural India, while 30% belonged to urban counterparts.

In terms of regional spread, 25% belong to the northern parts, while 27% belong to the eastern parts of India. Moreover, 28% and 20% belonged to western and southern parts of India, respectively.

Around 61% of the respondents were male, while 39% were female. In terms of the two majority sample groups, 30% reflect the age group 36-50 years and 27% reflect the age group of 26-35 years.

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