Consumers delaying purchase of expensive items: Survey
Indian consumers are delaying the purchase of expensive items and using credit cards to stretch paychecks as prices of everyday products continue to increase, shows the Global State of the Consumer Tracker survey by Deloitte Touche Tohmatsu India (DTTILLP). However, there is optimism that the financial situation will improve within the next three years.According to the findings, about 87% of Indian respondents in the age group of 35-54 are concerned about inflation and are now cautiously balancing their happiness and spending, and saving more for the future. The survey has found that despite all concerns, 77% of consumers are optimistic that the financial situation will improve within the next three years.
About 54% of consumers have increased savings for a secure tomorrow, 84% of consumers plan to spend on leisure travel in the next four weeks and 80% plan to buy a vehicle in the next six months. However, rising prices of essentials is a worry for a large section of the consumers, which was indicated by 71% of the respondents.
Porus Doctor, partner and consumer industry leader, DTTILLP, said: “The first three months of 2022 have been an adventurous roller-coaster ride with Indians witnessing the third wave of Covid-19 (Omicron variant), leading to a surge in prices of everyday items, supply chain disruptions, etc. Indian consumers are showing a propensity to save more as the immediate future seems uncertain.”
Among the key trends that emerged from the survey include that Indian consumers are prioritising shopping, recreational, and entertainment activities, business travel is getting back to normal, consumer recovery and long-term positive sentiments is seeing an uptick, Indian consumers are showing interest in purchasing new vehicles, and Indian respondents are actively exploring leisure travel