October 3, 2022
Indian consumers plan to increase their discretionary spending by 30% on items such as recreation and entertainment, restaurants, and leisure in August 2022
In the next four weeks, about 88% of Indian consumers plan to spend on leisure travel, due to the easing of Covid-related restrictions in some countries
India’s automobile industry is expected to grow at a high pace in the next six months
Consumers' intent to buy a vehicle grew by 9% over the past four months
Indian consumers are expected to spend more during this festive season on areas such as hotel stays, travel, and new/used cars (over the next six months), according to a report by Deloitte.
The report said that an increase in consumers’ intent over the upcoming festive season indicates a positive spending pattern. They’re expressing interest to purchase items from categories such as apparel, electronics, home furnishing, recreation, entertainment and leisure.
The report, which is based on a survey, said that Indian consumers plan to increase their discretionary spending by 30% on items such as recreation and entertainment, restaurants, and leisure in August 2022, compared with April last year. In the next four weeks, about 88% of Indian consumers plan to spend on leisure travel, due to the easing of Covid-related restrictions in some countries.
India’s automobile industry, on the other hand, is expected to grow at a high pace in the next six months as consumers’ intent to buy a vehicle grew by 9% over the past four months.
As per media reports, experts said that despite inflation concerns, consumers from India are willing to increase their spending during the upcoming festive season. They further added that online purchases are remaining strong, and sectors such as consumer products, retail, automotive, and travel & hospitality are expecting a positive outlook due to the consumers’ intent to spend more.
Source: Economic Times