Indian Consumers Showing Signs of Reduced Anxiety

Indian consumers have shown an intent to increase discretionary spending in anticipation of upcoming festivities like Raksha Bandhan, Janmashtami, and Ganesh Chaturthi.
Indian Consumers Showing Signs of Reduced Anxiety 

There has been 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 upcoming festivities like Raksha Bandhan, Janmashtami, and Ganesh Chaturthi. Across age groups, there continues to be a preference to spend more on convenience, highlights Deloitte Touche Tohmatsu India LLP (DTTILLP)

The following facts indicate the decrease in anxiety:
-    87 percent of consumers are willing to spend more as they prioritize convenience over price
-    61 percent of consumers have indicated that they now feel safe visiting the stores to shop
-    51 percent have shown willingness to attend in-person events

However, the concerns about physical well-being prevail: 
-    79 percent of Indian consumers are concerned about their physical well-being
-    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.

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.”

Other trends:

1.    Declining use of public transport and spending cautiously on the next vehicle is a constant trend
o    79 percent of Indian consumers intend to keep their current vehicles for a longer time
o    76 percent respondents, compared with 79 percent in the previous wave, are concerned about using public transport

2.    55+ age group shows confidence in stepping out
o    People aged 55+ are feeling safer while venturing out when compared with young adults in the age group of 18-35 
-    78 percent of people aged above 55 feel safe going to a store
-    70 percent feel safe going to a restaurant
-    69 percent feel safe staying in a hotel 
-    71 percent feel safe taking a flight and only 9 percent are concerned about returning to their workplace
 

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