Despite global inflationary concerns, Indians look forward to balanced lives with luxury spending plans such as personal care, clothing, vehicles, leisure travel and air travel, according to the results. of a survey conducted by Deloitte Touche Tohmatsu India.
Indians not only focus on saving for the future (58 percent of those surveyed), but also want to spend on experiences and physical goods / possessions (50 percent each), according to the report, adding that Robust vaccination campaigns and an increase in positive consumption feelings are the main reasons for this change.
According to the results, 77% of consumers are optimistic about their financial situation over the next three years, as workplaces open and cases of COVID-19 show a decline. Deloitte Touche Tohmatsu India unveiled Wave 24 on November 22, the latest analysis of its Global State of the Consumer Tracker.
The Consumer Tracker is an online survey of 1,000 respondents each in 23 countries. “While 74% of Indian respondents are concerned about inflation, at the same time, 85% of Indian respondents plan to spend on leisure travel in the next four weeks, 71% of Indian respondents feel safe to engage in individual services and 68% of Indian respondents feel safe going to restaurants, ”he said.
Inflation problems were observed around the world in South Africa (86%), Spain (85%), Poland (84%), Brazil (80%), India (74%), Canada (74%), UK (72%). and the United States (71 percent). However, 77% of Indian consumers are optimistic that their financial situation is likely to improve over the next three years, he added. While discussing the main trends emerging from the survey in India, the report states that 85 percent of Indians plan to spend on leisure travel in the next four weeks and that 74 percent plan to purchase a vehicle in India. over the next six months.
“Most Indian consumers plan to spend the most of their wallet share on personal care and clothing (14%) as well as leisure, entertainment and pleasure travel (14%), followed by electronics and furniture (11%), “It said. Indians are showing interest in purchasing new vehicles, as 74% of those surveyed plan to purchase a new vehicle within the next six months, and 30% said they plan to replace their vehicle and that ‘they would probably do it to buy a new vehicle. characteristics.
Deloitte Touche Tohmatsu India LLP Partner and consumer industry leader Porus Doctor said that conscious but meaningful consumption is celebrated by Indians as they look forward to “experiencing” the present rather than having it. live virtually. “It has also created a sense of purpose in them and they look forward to engaging with brands and platforms that reflect their personal values and match their evolving tastes,” he said.