Despite inflation, 77% of Indian consumers are optimistic that their financial situation is likely to improve within the next three years
Despite inflation, consumers are prioritising personal care and well-being as the world gradually adjusts itself to life after the pandemic, according to Deloitte Touche Tohmatsu India LLP (DTTILLP) has launched the latest analysis of its Global State of the Consumer Tracker. After spending over a year and a half within the confines of their homes, Indian consumers are now living in the moment and indulging in luxury and experience-oriented spending.
“Conscious yet meaningful consumption is being celebrated by Indians, as they look forward to ‘experience’ the present rather than living it virtually. This 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 are in line with their evolving tastes,” Porus Doctor, partner and consumer industry leader, Deloitte Touche Tohmatsu India LLP, said.
The report’s latest findings reflect that despite global inflationary concerns, Indians are looking forward to now having a balanced life, where they are not only focused on saving for the future (58%) but also want to spend for experiences and goods/physical possessions (50% each). 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 engaging with one-on-one services and 68% of Indian respondents feel safe going to a restaurant.
The survey also highlighted that 74% of consumers are planning to buy a vehicle in the next six months. Meanwhile, 85% of consumers plan to spend on leisure travel in the next four weeks. Further, 50% of respondents are spending more on experiences than on goods and 65% of consumers feel safe to take a flight and staying in a hotel.