More than half of India believes their country will be a developed economy by the time it attains its 100th year of independence, according to Axis My India’s August Consumer Sentiment Index, a monthly analysis of consumer perception on a wide range of issues.

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As per the survey, a majority of 56 percent participants believe that India will be a developed economy in the next 25 years.

The survey, which comes ahead of the country’s 75th Independence Day, explores the consumer sentiment across key facets of the Indian economy, especially in the post-COVID era.

The survey finds that 73 percent are more health conscious and are eating more healthy food after the pandemic while 87 percent said they are going out the same way for short vacations, malls and restaurants. Increased travel is reflected only among 6 percent of families, a dip by 1 percent from last month.

Another key finding is that 44 percent respondents believe that children’s learning has been severely impacted by online education during pandemic. 25 percent, however, believe that it had no impact.

Despite the pandemic, forty-four percent respondents believe that their lives have improved in the last few years of which, 40 percent think their lifestyle has majorly improved in the last eight years. However, 34 percent want the government to combat inflation and 28 percent are seeking improvement in employment opportunities.

Source: Axis My India

Overall household spending has increased for 61 percent of families, reflecting a 2 percent increase from the last month. The net score which was at 50 last month has increased to 52 this month.

Spends on essentials like personal care & household items has increased for 45 percent of the families, up 1 percent over last month. The net score which was at 25 last month has improved to 26 this month.

Spends on non-essential & discretionary products like AC, car, and refrigerator continues to remain the same for 88 percent of families.

Not surprisingly, consumption of health-related items has increased for 38 percent of the families, which was 35 percent in the last month.

63 percent said they will pay more for environmentally friendly or natural products as part of sustainable product choices. 92 percent participants say they prefer buying Indian brands while 6 percent said they would buy Indian as well as imported brands.

Consumption of media has increased for 19 percent of the respondents, an increase by 2 percent from last month.

Ninety-six percent participants agree that men and women should share household responsibilities equally. Both the genders share this thought equally — 95 percent women and 95 percent men.

The survey also found out that only 39 percent have processed digital/online payment while a majority of 61 percent have still not ventured the digital medium for payments.

“This survey has brought to fore interesting insights into the minds and behaviour of the Indian consumer. A sense of resilience, a belief in home-grown brands and an optimistic outlook towards the future is noteworthy. While inflation and lack of employment opportunities continues to be of concern, a major chunk believe that their living standards have improved in the last few years and as we come close to the 75th year of independence, Indian citizens are certain that India will be able to fight against all odds and most likely become a developed nation when it touches 100 years,” said Pradeep Gupta, Chairman & MD, Axis My India.

Around 10,200 people participated in the survey out of which, 71 percent are from rural India while 29 percent are from urban areas.