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NEW DELHI : Indian households are likely to save more and spend less on big-ticket discretionary items in 2022, as the severity of the pandemic has prompted consumers to become more judicious about their finances, said the “India Consumer Spending Outlook–2022" report by community platform LocalCircles.

The survey covered 47,000 households from across 391 districts in India to map consumer sentiment for the New Year. While 40% of those surveyed were likely to invest in equity and mutual funds, 15% were likely to spend on property, car, and jewellery in 2022.

The primary goal of the survey was to find consumer sentiment on purchasing residential units, vehicle, health insurance, jewellery, and equities and mutual funds in 2022.

Of the total participants, 63% were men, and 37% were women. While 47% of respondents were from tier I cities and metros, 33% were from tier II towns, and 20% from tier III, IV and rural areas.

The survey reveals one in seven families may spend on residential property in 2022. While two out of five families are likely to invest in equities or mutual funds, one in six households may spend on a four-wheeler in 2022. One in seven families were likely to spend on gold, diamond, silver or other types of jewellery. Only one out of six families surveyed may increase their health insurance coverage in 2022, it added.

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