Despite global inflationary concerns, Indians are looking forward to having a balanced life with plans to spend on luxuries such as personal care, clothing, vehicle, leisure travel and air travels, according to the findings of a survey by Deloitte Touche Tohmatsu India.
Indians are not only focused on saving for the future (58 percent of the respondents) but also want to spend for experiences and goods/physical possessions (50 percent each), the report said, adding that robust vaccination drives and an uptick in positive consumer sentiments are the primary reasons for this shift.
According to the findings, 77 percent of consumers are optimistic about their financial situation within the next three years, as workplaces open up and COVID-19 cases show a decline. Deloitte Touche Tohmatsu India on November 22 unveiled Wave 24, the latest analysis of its Global State of the Consumer Tracker.
The Consumer Tracker is an online survey conducted on 1,000 respondents each in 23 countries. "While 74 percent of Indian respondents are concerned about inflation, at the same time, 85 percent of Indian respondents plan to spend on leisure travel in the next four weeks, 71 percent of Indian respondents feel safe engaging with one-on-one services and 68 percent of Indian respondents feel safe going to a restaurant," it said.
Inflationary concerns were observed across the globe in South Africa (86 percent), Spain (85 percent), Poland (84 percent), Brazil (80 percent), India (74 percent), Canada (74 percent), UK (72 percent) and US (71 percent). However, 77 percent of Indian consumers are optimistic that their financial situation is likely to improve in the next three years, it added. While discussing the key trends emerging from the survey in India, the report said 85 percent of Indians plan to spend on leisure travel in the next four weeks and 74 percent plan to buy a vehicle in the next six months.
"Most of the Indian consumers are planning to spend the most from their share of wallet on personal care and clothing (14 percent) along with recreation, entertainment and leisure travel (14 percent), followed by electronics and home furnishings (11 percent)," it said. Indians are showing interest in purchasing new vehicles, as 74 percent of respondents are planning to buy a new vehicle in the next six months, and 30 percent said they are planning to replace their vehicle and are likely to do so to get a vehicle with new features.
Deloitte Touche Tohmatsu India LLP Partner and consumer industry leader Porus Doctor said conscious-yet-meaningful consumption is being celebrated by Indians as they look forward to "experience" 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," he said.
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