Only 20% of the major consumer drivers need to recover from the pandemic: Report : The Tribune India | So Good News
Mumbai, October 2
That the wealthy have gained weight during the pandemic has been highlighted by a study that shows that only 20 percent of the population is leading the consumption bandwagon as the rest are recovering.
The epidemic has not affected the level of consumer spending in the country it is clear that 20 per cent of the population has a high level of reckless drinking – 59 per cent in rural areas and 66 per cent in urban areas. Tanvee Gupta-Jain, chief financial officer at UBS Securities India, said in a report.
Citing an in-house survey by UBS (which was conducted in August among 1,500 high-income consumers), it is said that more than half of the respondents have bought gold/jewellery as planned or more in the last three months and more than half are planning to sell goods and buy cars / two wheels in the next two years.
That the wealthy will continue to drive the demand for food is clear from the UBS survey, and more than 70 percent of respondents expect their income to increase in 2023.
Similarly, about 70 percent of respondents expect an increase in spending on festivals, while 20 percent expect spending on online shopping, healthcare, online entertainment, household items such as groceries, food, etc. in the same way. Only 9 percent expect a decrease in their spending on festivals.
The survey also shows that 55 percent of the respondents intend to buy a two-wheeler in the next two years. About 50 percent of respondents specifically plan to buy a property in the next two years (33 percent of primary homes and 32 percent of second/sale homes), but this is lower than the 56 percent in the previous survey.
According to UBS analysis, during the pandemic, the regular people found the market at the cost of the economy while the wealthy continued to increase their spending on popular items such as online shopping, health care, online entertainment, and household items such as groceries, food. , etc.
In all age groups, income expectations differ, while the younger groups (under 44 years old) have more hope than their elders (45-54 years old) perhaps in the growth of the labor market in organized groups, he said, adding that the expectation of income growth and Financial success is the most important thing you can follow to keep things running smoothly in your home.
The survey also showed that almost three-quarters of respondents saw that costs have stabilized or increased (compared to 54 percent in the August 2021 survey) and only 23 percent have decreased since last year (compared to 42 percent in the last survey).
In particular, 20 per cent of people are reckless consumers and 59 per cent of people are reckless spenders in rural areas and 66 per cent in urban areas, according to the survey.