Indian consumer spending expected to rise during festive season: Deloitte survey | So Good News

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Impulsive shopping and hassle-free travel may boost spending among Indian consumers, a Deloitte report said.

According to the ‘Global State of the Consumer Tracker’ by Deloitte, Indian consumers are ready to spend on regular travel and hotel stays, and intend to buy a new or used car in the next six months.

In its statement, Deloitte said that its findings show that consumers want to increase their spending by 30 percent on things like entertainment and entertainment, restaurants, and vacations in August 2022, compared to April 2022.

According to the report, consumer spending will increase across all sectors over the next four weeks despite concerns about rising prices.

According to Deloitte’s tracker, 13 percent of consumers plan to buy clothes, 10 percent electronics and home appliances, while another 13 percent plan to spend on entertainment, entertainment and entertainment.

“With ‘mask-lift’ announcements and lifting of other Covid-related restrictions in some countries, around 88 percent of Indian consumers are planning to go on holiday in the next four weeks,” it added.

The automotive industry is expected to be the biggest beneficiary of the expected increase in consumer spending during the upcoming festive season and is expected to grow rapidly in the next six months, the report said.

The intention to buy a car increased by 9 percent in the last four months – from 69 percent in April 2022 to 78 percent in August 2022, it said.

“By August 2022, 78 percent of Indian consumers surveyed in a few years plan to buy a car in the next six months, while 84 percent intend to buy another,” it said, adding, the main reasons for buying. the car was expensive to repair old cars and new ones offered in the latest models.

Despite concerns about rising prices, Indian consumers are poised to increase their spending in the coming winter season, Deloitte Touche Tohmatsu India LLP Partner and Consumer Industry leader, Porus Doctor said.

Online shopping remains strong, though less so than at the height of the pandemic, Doctor added.

Deloitte’s Global State of the Consumer Tracker drew responses from 1,000 executives in 23 countries.

(With inputs from PTI)

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