As the vaccination coverage increases in India, consumers are turning less anxious about Covid infection and are raising their discretionary expenditure, showed a Deloitte survey.
Deloitte Touche Tohmatsu India LLP’s Global State of the Consumer Tracker indicated a 6 percent decline in the overall anxiety levels to 39 percent, as the number of new Covid-19 cases across the country continues to decrease.
Indian consumers have shown an intent to increase discretionary spending in anticipation of the upcoming festivities like Eid, Raksha Bandhan, Janmashtami, and Ganesh Chaturthi, said a Deloitte statement. Across age groups, there continues to be a preference to spend more on convenience.
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Around 87 percent of consumers are willing to spend more as they prioritize convenience over price and 61 percent of consumers have indicated that they now feel safe visiting the stores to shop.
Further, 51 percent of the respondents have shown willingness to attend in-person events.
However, the concerns about physical well-being prevail and 79 percent of Indian consumers are concerned about their physical well-being and 85 percent are concerned about the health of their family.
Deloitte’s Global State of Consumer Tracker indicates that young adults are saving more (47 percent) as compared with people above 55 years of age (43 percent). While corporate India is still evaluating a return to work policy, work-from-home has helped staff save significantly on transport and rent.
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Porus Doctor, Partner and Consumer Industry leader, DTTILLP said, “Our latest survey insights indicate that the Indian consumer is showing signs of reduced anxiety and is open to looking at increasing discretionary spends.
“Only 20 percent of Indian consumers are concerned about returning to their workplace, but 65 percent are concerned about losing their jobs. Travel sentiments are showing positive trends; those consumers in the age group above 35 have shown interest to travel for leisure in the next three months and 58 percent of consumers have indicated they are comfortable staying at a hotel.”
SOURCE-IANS
