Indian consumers are now living in the moment, indulging in luxury: Survey
Around 85% plan to spend on leisure travel in the next four weeks, while 74% of consumers are planning to buy a vehicle in the next six months
NEW DELHI : Prolonged confinement and covid-related restrictions are now prompting consumers in India to live in the moment and indulge in luxury and experience-oriented spending, according to findings of a survey by Deloitte Touche Tohmatsu India.
A global tracker survey by the consulting firm found that 85% of those surveyed in India plan to spend on leisure travel in the next four weeks. Meanwhile, 74% consumers are planning to buy a vehicle in the next six months. Around half of those surveyed by Deloitte reported spending more on experiences than on goods.
The findings were part of Deloitte Touche Tohmatsu India LLP's (DTTILLP) latest analysis of its Global State of the Consumer Tracker, indicating that despite inflation, consumers are prioritising personal care and well-being as the world gradually adjusts itself to a life after the pandemic, it said. Deloitte’s Global State of the Consumer Tracker is an online consumer survey fielded monthly across 23 countries.
Consumer behaviour underwent a significant shift as the lockdown prompted them to reprioritize spends and hold back discretionary purchases. However, as unlocks have progressed, shoppers are keen to indulge.
Despite global inflationary concerns, Indians are looking forward to now having a balanced life, where they are not only focused on saving for the future (58%) but also want to spend for experiences and goods and physical possessions (50%), according to findings of the survey. While 74% Indian respondents are concerned about inflation, at the same time, 85% Indian respondents plan to spend on leisure travel in the next four weeks, it said.
Porus Doctor, partner and consumer industry leader, Deloitte Touche Tohmatsu India LLP points to a more conscious yet meaningful consumption. Indian consumers, he said, are looking forward to ‘experiencing’ the present rather than living it virtually.
“This has also created a sense of purpose in them and they look forward to engaging with brands and platforms that reflect their personal values and are in line with their evolving tastes," Doctor said.
Overall, consumer recovery and positive sentiments are seeing an upswing, the survey findings suggest. In fact, 77% consumers are optimistic about their financial situation within next three years, as workplaces open up and covid-19 cases show a decline. Indian respondents are showing interests in purchasing new vehicles.
In line with the findings, those surveyed in India said they are spending the most on personal care and clothing along with recreation, entertainment and leisure travel. This is followed by their intent to spend on electronics and home furnishings.
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