Indian consumers in the Hindi heartland are optimistic about 2024, driven by factors of national pride, technological advancements, and economic growth. According to a report released by Bharat Labs, nearly 62 per cent of respondents in the Hindi Heartland expressed optimism about 2024, 35 per cent expressed confident balance, and only 3 per cent expressed clear pessimism.

Bharat Labs is a think tank created by ad agency Rediffusion and Lucknow University to understand the consumers and citizens of Bharat, defined as India excluding its top 30 cities.

The Mood of Bharat 2024 report revealed that national progress, advances in technology, economic growth, local infrastructure development, and national security are among the key reasons why the majority of consumers expressed optimism. On the personal front, good career prospects and positive personal life circumstances together were the primary source of optimism for close to 76 per cent of consumers in the Hindi heartland. While 51 per cent were positive about the Indian economy in 2024, 37 per cent took a neutral stand, and about 12 per cent expressed concerns about the state of the economy, the survey noted.

Year of changes

“2024 is a year of critical changes. A big election season is coming up; the ambition of a $5 trillion economy is the newfound center-stage of India on the geopolitical stage,” the survey noted. In such a year, AI and elections are the top two domains of interest for Bharat. 22.3 per cent of respondents expressed interest in AI and other technology innovations, and 20.08 per cent registered elections as the key domains they are keen to follow in 2024, it added.

Nearly 42 per cent of the participants in the survey said upgrading their lifestyle is the key priority, while nearly 20 per cent of the respondents are looking to travel this year.

Prof. Alok Rai, chair of The Bharat Lab and VC of Lucknow University, said, ”This report on optimism clearly indicates that Bharat today is excited about embracing technology, entrepreneurship, and the economic opportunities that are coming along in this Amrit Kaal of India.”

Dr. Sandeep Goyal, Co-Chair, Bharat Lab, added, “The overall optimism should give confidence to businesses like FMCG, auto, tech, finance, travel, and more. Bharat is a great source of growth, and diving into cohorts will help them unlock new sources of growth.”

Quizzed about their heroes who will shine in 2024, excluding Bollywood and cricket, nearly 26.7 per cent gave a thumbs up to entrepreneurs. “Surprisingly, creators and scientists were at the back of the pack, garnering 15.8 per cent and 13.5 per cent of the votes, respectively,” it added. Meanwhile, the top concerns outlined included climate change, wars, and the recession.

This report is the result of 1,565 in-depth citizen interviews in the Hindi Heartland and covered a mix of cohorts across gender, profession, and life stage.

Small and medium enterprise owners seemed to be more cautious. Only 37 per cent of the respondents in this consumer cohort expressed optimism about the financial outlook. The government and PSU employees seemed more optimistic.

Also, women outnumbered men with regards to listing technology as their top interest, with nearly 66.5 per cent of women choosing tech as their top interest compared to 33.5 per cent of men, the Bharat Labs report added.

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