77% consumers optimistic financial situation will improve within next three years

Around 71 percent consumers are concerned with the price rise in everyday purchases. As much as 61 percent of consumers delay making expensive purchases and using credit cards (59 percent) to stretch paychecks as they are concerned with rising prices.

So what is the percentage of the Indian consumer spends ? Around 14 percent each of consumers indulge in shopping, various social gatherings and events; entertainment activities; and leisure travel reveals Deloitte Touche Tohmatsu India LLP (DTTILLP) latest analysis of wave 28 of its Global State of the Consumer Tracker.

Prioritising shopping, rereational activities

Indian consumers are prioritising shopping, recreational, and entertainment activities. Those surveyed are planning to spend a large share of their wallet on personal care and clothing (14 percent), recreation, entertainment, and leisure travel (14 percent), followed by electronics and home furnishings (11 percent), and restaurants (8 percent)

Business travel getting back to normal

With corporate India returning to “business as usual” and travel restrictions gradually easing, Indians have resumed their business travels. Eighty three percent consumers are likely to travel for business within the next three months.

• Consumer recovery and long-term positive sentiments seeing an uptick

• Consumer recovery and long-term positive sentiments seeing an uptick

• 77 percent consumers are optimistic about their financial situations within the next three years, as workplaces are opening and COVID-19 cases are decreasing.

• Indian consumers showing interest in purchasing new vehicles

• 72 percent respondents are planning to buy a vehicle in the next six months.

• Of those purchasing a vehicle, 83 percent plan on buying a new vehicle.

• Indian respondents are actively exploring leisure travel

• 84 percent plan to spend on leisure travel in the next four weeks

• 69 percent Indian respondents feel safe about flying and 71 percent feel safe staying in a hotel.

Consumer tracker findings indicate that despite all concerns, optimism prevails:

• 77 percent consumers are optimistic that the financial situation will improve within the next three years.

• 71 percent consumers are concerned about the increasing prices of essentials.

• 54 percent consumers have increased savings for a secure tomorrow.

• 84 percent consumers plan to spend on leisure travel in the next four weeks.

• 80 percent consumers plan to buy a vehicle in the next six months.

Porus Doctor, Partner and Consumer Industry Leader, DTTILLP, said, “The first three months of 2022 have been an adventurous roller-coaster ride with Indians witnessing the third wave of COVID-19 (Omicron variant), leading to a surge in prices of everyday items, supply chain disruptions, etc. Indian consumers are showing a propensity to save more as the immediate future seems uncertain.”

Published on: Wednesday, March 23, 2022, 12:06 PM IST