Indian consumers in the Hindi heartland are optimistic about 2024, driven by factors such as national pride, technological advancement and economic growth. According to a report published by Bharat Labs, nearly 62 percent of respondents in the Hindi heartland expressed optimism for 2024, 35 percent expressed confident balance and only 3 percent expressed clear pessimism.
- Also Read: Retailers saw subdued growth in December after festival season: RAI
Bharat Labs is a think tank founded by advertising agency Rediffusion and Lucknow University to understand the consumers and citizens of Bharat, defined as India excluding its 30 largest cities.
The Mood of Bharat 2024 The report found that national progress, advances in technology, economic growth, local infrastructure development and national security were among the top reasons why the majority of consumers were optimistic. On the personal front, good career prospects and positive personal circumstances were the main source of optimism for nearly 76 percent of consumers in the Hindi heartland. While 51 percent were positive about the Indian economy in 2024, 37 percent took a neutral stance and about 12 percent expressed concerns about the economic situation, the survey said.
Year of changes
“2024 is a year of crucial change. A big election season is upon us; “The goal of a $5 trillion economy is India’s newfound center on the geopolitical stage,” the survey said. In such a year, AI and elections are the two key areas of interest for Bharat. 22.3 percent of respondents expressed interest in AI and other technology innovations, and 20.08 percent cited elections as the key areas they would like to pursue in 2024, it said.
Nearly 42 percent of survey respondents said improving their lifestyle was a top priority, while nearly 20 percent of respondents are planning a trip this year.
Prof. Alok Rai, Chairman, Bharat Lab and VC, Lucknow University, said, “This report on optimism clearly shows that Bharat today is excited about technology, entrepreneurship and the economic opportunities that arise in this Amrit Kaal of India.” .”
- Also Read: Government should not cut import duties on parts used in making smartphones in Budget: GTRI
Dr. Sandeep Goyal, co-chairman, Bharat Lab, added: “The overall optimism should give confidence to companies like FMCG, automobile, technology, finance, travel and more.” Bharat is a great source of growth and categorizing them into cohorts will help them to open up new sources of growth.”
When asked about their heroes who will shine in 2024 (excluding Bollywood and cricket), nearly 26.7 percent gave entrepreneurs a thumbs up. “Surprisingly, creators and scientists were at the bottom with 15.8 percent and 13.5 percent of the vote, respectively,” it continued. Meanwhile, the biggest concerns were climate change, wars and recession.
This report is the result of 1,565 in-depth citizen interviews in the Hindi heartland, covering a mix of cohorts of gender, occupation and life stage.
Small and medium-sized business owners appeared to be more cautious. Only 37 percent of respondents in this consumer cohort expressed optimism about the financial outlook. The government and PSU employees seemed more optimistic.
Women also outnumbered men in citing technology as their primary interest, with nearly 66.5 percent of women choosing technology as their primary interest, compared to 33.5 percent of men, the Bharat Labs report added.
“Pop culture scholar. Subtly charming beer specialist. Reader. Student. Devoted music advocate.”