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Despite concerns about price rise, Indians are looking forward to living a “balanced life”, with intentions to spend on luxury such as personal care, apparel, vehicles, leisure trips, and air travel, according to the findings of a survey.
Indians are not just contended with savings for the future (58%), but also want to spend on experiences and goods/physical possessions (50%), The Economic Times reported, quoting from Wave 24, the analysis of Deloitte Touche Tohmatsu India’s Global State of the Consumer Tracker.
The Consumer Tracker is a global internet study that polled 1,000 people in 23 countries. As per the findings, 77% of those surveyed are positive about their financial status in the next three years as more jobs become available amid a fall in Covid-19 cases.
Spending pattern
According to the survey, inflation is a source of concern for 74% of Indian respondents. At the same time, 85% of Indian respondents plan to spend money on leisure travel in the next four weeks, 71% of Indian respondents feel secure using one-on-one services, and 68% of Indian respondents feel safe eating out.
Concerns about inflation were reported in South Africa (86%), Spain (85%), Poland (84%), Brazil (80%), India (74%), Canada (74%), the United Kingdom (72%), and the United States (72%).
Interestingly, 77% of Indian consumers believe their financial status will improve in the next three years, according to the report.
It stated that 85% of Indians want to spend on leisure travel in the next four weeks, and 74% plan to buy a vehicle in the next six months, as part of the significant patterns emerging from the survey in India.
The majority of Indian consumers plan to spend the most from their share of pocket on personal care and apparel (14%) as well as recreation, entertainment, and leisure travel (14%) and gadgets and home furnishings (11%), it stated.
As much as 74% of respondents said they expect to buy a new vehicle in the next six months, and 30% said they are planning to replace their vehicle and are likely to do so to get a vehicle with new features.
Porus Doctor, Partner and Consumer Industry Leader at Deloitte Touche Tohmatsu India LLP, is quoted in the report as saying that Indians are celebrating conscious-yet-meaningful consumption as they look forward to “feel” the present rather than “live” it electronically.