With decreasing number of Covid-19 cases as well as an aggressive vaccination drive, there has been a new wave of confidence among Indian consumers and a latest finding has reflected that Indian consumer is ready to spend more on discretionary items, are feeling safe about returning to work place, willing to spend on travel and is less hesitant about in-person events and activities—all of which are positive trends for India’s economic revival.
The latest findings are a part of the latest 30-day analysis of Global State of the Consumer Tracker by Deloitte Touche Tohmatsu India LLP (DTTILLP).
According to the report, only 34% Indian respondents showed anxiety, 84% consumers felt safe to return to their workplaces, 60% consumers showed willingness to attend in-person events, 59% consumers felt comfortable taking a flight and 30% consumers showed willingness to use public transport.
With reduced anxiety, coupled with several countries lifting travel restrictions for India, the Indian consumer is all set for international travel. 57% Indians surveyed are planning international travel for leisure in the next three months. This has given the travel and hospitality sector a glimmer of hope.
The analysis also showed that savings are up by 4% (50% in the current wave compared with 46% in the previous wave). This could be in preparation of future purchases and seasonal deals during the festive season.
Financial confidence also seems to gain momentum as the tracker shows Indian consumers’ intent in making large purchases.