Indian consumers have shown an intent to increase discretionary spends: Deloitte

By: |
July 23, 2021 6:54 PM

Overall anxiety level in India is at 39% which is a decline of 6% from 45% in the previous wave

Deloitte’s Global State of Consumer Tracker indicated that young adults are saving more (47%) as compared with people above 55 years of age (43%)Deloitte’s Global State of Consumer Tracker indicated that young adults are saving more (47%) as compared with people above 55 years of age (43%)

With the increase in vaccination coverage and reduction in the number of Covid-19 cases, Indian consumers are showing a sign of relief. Deloitte Touche Tohmatsu India LLP (DTTILLP) has unveiled wave 20, the latest 30-day analysis of its Global State of the Consumer Tracker, which indicates a 6% decline in the overall anxiety levels to 39%.

As per the analysis, the facts that indicate the decrease in anxiety include that 87% consumers are willing to spend more as they prioritise convenience over price. 61% consumers have indicated that they now feel safe visiting the stores to shop and 51% have shown willingness to attend in-person events. Indian consumers have shown an intent to increase discretionary spends in anticipation of the upcoming festivities such as Eid, Raksha Bandhan, Janmashtami, and Ganesh Chaturthi. Across age groups, there continues to be a preference to spend more on convenience.

Our latest survey insights indicate that the Indian consumer is showing signs of reduced anxiety and is open to looking at increasing discretionary spends, Porus Doctor, partner and consumer industry leader, DTTILLP said. “Only 20% of Indian consumers are concerned about returning to their workplace; but 65% are concerned about losing their jobs. Travel sentiments are showing positive trends; those consumers in the age group above 35 have shown interest to travel for leisure in the next three months and 58% of consumers have indicated they are comfortable staying at a hotel,” he added.

Deloitte’s Global State of Consumer Tracker indicated that young adults are saving more (47%) as compared with people above 55 years of age (43%). While corporate India is still evaluating return to work policy, work-from-home has helped staff save significantly on transport and rent. Moreover, declining use of public transport and spending cautiously on the next vehicle is a constant trend. 79% of Indian consumers intend to keep their current vehicles for a longer time and 76% respondents, compared with 79% in the previous wave, are concerned about using public transport.

However, the analysis also noted that concerns about physical well-being prevail as 79% of Indian consumers are concerned about their physical well-being and 85% are concerned about the health of their family.

Read Also: Max Bupa Health Insurance rebrands as Niva Bupa

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