Indian consumer spending expected to rise this holiday season: Report | So Good News

In a recent analysis by Deloitte, it shows that consumers are willing to spend more on travel and hotels. They want to buy a new or used car in the next six months.

“Despite concerns about inflation, the planned earnings over the next four weeks will see an increase in stocks across the board,” Deloitte said in a press release.

Coming out of the pandemic, Indian consumers have shown a strong desire to buy more products during the holiday season, according to Deloitte’s Global State of Consumer Tracker.

A recent survey by Deloitte shows that consumers are willing to spend more on travel and hotel accommodation. They also want to buy a new or used car in the next six months.

“Despite concerns about inflation, the planned earnings over the next four weeks will see an increase in stocks across the board,” Deloitte said in a press release.

Consumers also want to buy clothes, electronics and household appliances, and entertainment, fun and entertainment, shows the best way to spend money caused by the upcoming holiday season.

“The research shows that consumers plan to increase their spending by 30 percent (on things like entertainment and entertainment, restaurants, and vacations) in August 2022, compared to April 2022,” it said.

Current trends show that consumers surveyed were willing to travel internationally and internationally. With the easing of Covid-related restrictions in some countries, about 88 percent of Indians are planning to go on vacation in the next four weeks.

“Festivals and upcoming sales are contributing significantly to the growth of the Indian automotive industry, which is expected to grow rapidly over the next six months,” Deloitte said.

“The tracker shows that consumers’ intent to buy a car has grown by 9 percent over the past four months,” it added.

As of August 2022, 78 percent of Indian consumers surveyed across all age groups plan to buy a car in the next six months; whereas, 84 percent want to buy a new one. The main reasons for buying a car were the high prices of used cars and the new ones offered in the latest models.

Commenting on the latest Global State of Consumer Tracker, Porus Doctor, Partner and Consumer Industry leader, Deloitte Touche Tohmatsu India LLP, said, “Over the past year, consumers have not been static in their priorities – they still see, and have focused on, health, lifestyle good, it’s a goal.”

“Our latest Wave 34 tracker shows that despite inflation concerns, Indian consumers are ready to increase their spending in the coming festive season.

“It is clear that online shopping remains strong, even less than at the peak of the epidemic. Relevant sectors, such as consumer goods and retail, automotive, travel and hospitality, seem to have benefited from the positive attitude of consumers found in the survey,” he added. .