As per the ‘Global State of the Consumer Tracker’ by Deloitte, Indian consumers are willing to spend on both travel and hotel stays, and also have the intention to buy either a new or used vehicle within the next six months.
In a statement, Deloitte said the findings indicate that consumers plan to increase their discretionary spend by 30 per cent on items such as recreation and entertainment, restaurants, and leisure travel in August 2022, compared with April 2022.
As per the report, consumer spending will see a spike across age groups in all categories over the next four weeks in spite of inflationary concerns, it said.
As per the Deloitte tracker, 13 per cent of consumers intend to purchase clothing, 10 per cent electronic and home furnishing, while another 13 per cent plan to spend on recreation, entertainment and leisure.
“With ‘mask-lift’ announcements and easing out of other Covid-related restrictions in some countries, about 88 per cent Indian consumers plan to spend on leisure travel in the next four weeks,” it added.
The automobile industry is expected to be a major beneficiary from the expected surge in consumer spending during the upcoming festivities and is expected to grow at a high pace in the next six months, the report said.
The intent to buy a vehicle grew by 9 per cent in the past four months — from 69 per cent in April 2022 to 78 per cent in August 2022, it said.
“As on August 2022, 78 per cent Indian consumers surveyed across age groups plan on buying a vehicle in the next six months, of which, 84 per cent plan to buy a new one,” it said, adding, the prominent reasons for purchasing a vehicle were high maintenance cost of old vehicles and new features offered in latest models.
Despite the concerns over inflation, Indian consumers are willing to increase their spending during the upcoming festive season, Deloitte Touche Tohmatsu India LLP Partner and Consumer Industry leader, Porus Doctor said.
Online purchases remain strong, albeit to a lesser extent than during the peak of the pandemic, Doctor added.
Deloitte’s Global State of the Consumer Tracker took responses from 1,000 adults across 23 countries.
(With inputs from PTI)
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