Consumer spending to increase during festive season: Survey

Approximately half of the respondents feel confident in their ability to handle substantial unexpected expenses in the near future

September 22, 2023

56% of the respondents expressed their readiness to invest in celebratory items

A surge in consumer spending is predicted, particularly in categories such as clothing, personal care, recreation, entertainment, and leisure

Indian consumers are also making travel plans, leading to a surge in domestic and international flight bookings

Discretionary spending is expected to increase, benefiting sectors like retail, automotive, travel and hospitality

Indian consumer spending is poised to see an uptick during the upcoming festive season in FY24, driven by increased purchases of celebratory items and luxury goods, according to a survey conducted by Deloitte. 

As the festive season approaches, Indian consumer confidence is on the rise, with 56% expressing their readiness to invest in celebratory items.

In the short term, the survey predicts a surge in consumer spending, particularly in categories such as clothing, personal care, recreation, entertainment, and leisure. Additionally, the survey highlighted that Indian consumers aren’t just making luxury purchases; they are also making travel plans, leading to a surge in domestic and international flight bookings.

Experts pointed out that the robust growth of India’s economy is encouraging consumers to embrace premium and luxury spending across consumer durables, travel, and hospitality, with Tier 2 and 3 markets also experiencing significant growth. They further mentioned that discretionary spending is expected to increase, benefiting sectors like retail, automotive, travel and hospitality.

Source: Economic Times

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