23rd September 2021, Mumbai:
Consumer spending in India is shifting towards discretionary items, reveals the Global State of Consumer Tracker by consultancy and advisory firm Deloitte. Consumers are ready to spend more on discretionary items as they feels safe about returning to work and travel, the report adds.
They are also less hesitant about in-person events and activities. The report states, with robust vaccination initiatives by the government, Indians have gained confidence and are slowly returning to the workplace.
Moreover, with festive season around the corner and lower COVID-19 cases, Indian consumers are showing lower levels of anxiety, resulting in their willingness to increase spending on more discretionary items. The report shows, consumers are spending 36 per cent on clothing and footwear, 33 per cent on electronics, 25 per cent on home furnishings and 22 per cent on restaurants.
The survey is based on a 30-day analysis of consumer spending behaviour of 1,000 persons in India, in July-August. Besides, consumers are all set for international travel as several countries are lifting travel restrictions for India. Almost 57 per cent Indians surveyed are planning international travel for leisure in the next three months.
Consumer have also transformed to being socially conscious shoppers with 68 per cent respondents opting for more locally sourced items and 74 per cent purchasing from brands that responded well to the crisis.