Big ticket spending is back: Indian consumer spending expected to be higher this festive season, says report

According to a report by Deloitte, Indian consumer spending is expected to indulge in travel this festive season with the purchase of more discretionary products and the easing of COVID-related restrictions.

In its latest analysis of the ‘Global State of the Consumer Tracker’, Deloitte said consumers are willing to increase spending on both travel and hotel stays, and intend to purchase either a new or used vehicle within the next six months. Huh.

“The findings suggest that consumers plan to increase their discretionary spending by 30 percent in August 2022 on items such as entertainment and entertainment, restaurants and leisure travel,” Deloitte said in a statement.

The next four weeks will see an increase in consumer spending across all age groups, despite concerns over inflation.

According to the report, 13 percent of consumers intend to buy clothing, 10 percent electronic and home furnishing, while another 13 percent plan to spend on entertainment, entertainment and leisure.

With the announcements of “mask-lift” and easing of other COVID-related restrictions in some countries, around 88 per cent of Indian consumers plan to spend on leisure travel in the next four weeks,” it added.

The report said that the automobile industry is expected to make a big profit from the expected jump in consumer spending during the upcoming festivities and is expected to grow at a higher pace in the next six months.

Deloitte said vehicle-buying intent rose 9 percent over the past four months — from 69 percent in April 2022 to 78 percent in August 2022.

“By August 2022, 78 percent of Indian consumers surveyed plan to buy a vehicle in the next six months, of which 84 percent plan to buy a new vehicle.” One vehicle was the higher maintenance cost of older vehicles and the new features introduced in the latest models.

Deloitte Touche Tohmatsu India LLP Partner and Consumer Industry Leader Porus Doctor said that despite inflation concerns, Indian consumers are keen to increase their spending during the upcoming festive season.

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The doctor said online shopping remains somewhat stronger than it was during the peak of the pandemic.

Deloitte’s Global State of the Consumer Tracker collected responses from 1,000 adults in 23 countries.

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