Indian consumers are showing cautious optimism and balancing non-discretionary spending as they are saving more for the future, according to a report.
Indian consumers are prioritising shopping, recreational and entertainment activities, according to the Deloitte Consumer Tracker report.
The consumers surveyed are planning to spend a large share of their wallets on personal care and clothing, recreation, entertainment and leisure travel, followed by electronics and home furnishings and restaurants, it said.
“The analysis indicates a ray of positivity amongst consumers, who are now cautiously balancing their happiness and spending and saving more for the future,” the report noted.
With corporate India returning to “business as usual” and travel restrictions gradually easing, Indians have resumed their business travels, it added.
According to the report, about 83 per cent of consumers are likely to travel for business within the next three months.
Expressing positive sentiments, the majority of the consumers have stated that they are optimistic about their financial situations within the next three years as workplaces are opening and COVID-19 cases are decreasing.
Porus Doctor, Partner and Consumer Industry Leader, DTTILLP, said that 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 and supply chain disruptions.
“Indian consumers are showing a propensity to save more as the immediate future seems uncertain,” Doctor said. PTI