Over 80 percent of Indians are planning to celebrate the holiday season with family and look to spend the most on travel and shopping.
According to Amex Trendex, a trend report from American Express, 88 percent of Indian respondents agree that they want to earn credit card rewards for online purchases this holiday season.
The survey states, “With a desire to spend more quality time with loved ones 8-in-10 (87 percent) Indian consumers agree that they are thinking about starting or restarting the tradition of traveling during the holiday season as they agree that their fondest memories are from holiday family vacations.”
Supporting the local economy is important for Indian consumers as 6-in-10 respondents are planning on spending more at small businesses this holiday season compared to 2021.
“We see two strong shifts in the Indian consumer’s spending patterns this holiday season. One, there is higher indulgence in experiences they would like to share with family and friends, and two, there is a shift towards more thoughtful gifting like sustainable products from local brands, thereby supporting smaller entrepreneurs or local shop owners,” said Sanjay Khanna, CEO, American Express Banking Corp India.
The report said the majority of the respondents have expressed their intention to spend their holiday season by experiencing at least one event.
With offline events making a comeback, 62 percent of respondents are inclined toward music festivals, whereas 56 percent are looking forward to sporting events.