Indian consumers are spendthrifts
Living in the moment, Indian consumers are found to spend on luxuries such as personal care, clothing, vehicle, leisure travel and air travels despite inflation blues. A survey by Deloitte Touche Tohmatsu India attributes this to robust vaccination drives and an uptick in positive consumer sentiments. It has found that Indians are not only focused on saving for the future (58% of the respondents) but also want to spend for experiences and goods/ physical possessions (50% each).
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The study states that 77% of Indian consumers are optimistic about their financial situation within the next three years, as workplaces open up and COVID-19 cases decline. “While 74 per cent of Indian respondents are concerned about inflation. At the same time, 85 per cent of Indian respondents plan to spend on leisure travel in the next four weeks, 71 per cent of Indian respondents feel safe engaging with one-on-one services and 68 per cent of Indian respondents feel safe going to a restaurant,” the report said.
“Most of the Indian consumers are planning to spend the most from their share of wallet on personal care and clothing (14 per cent) along with recreation, entertainment and leisure travel (14 per cent), followed by electronics and home furnishings (11 per cent),” the study said. It added that conscious-yet-meaningful consumption is being celebrated by Indians as they look forward to “experience” the present rather than living it virtually.