50 pc Indians Are Spending More On 'Experience'

77 percent of Indian consumers are optimistic that their financial situation is likely to improve within the next three years
50 pc Indians Are Spending More On “Experience”

After spending over a year and a half within the confines of their homes, Indian consumers are now living in the moment and indulging in luxury and experience-oriented spending. Also, despite inflation, consumers are prioritising personal care and well-being as the world gradually adjusts itself to life after the pandemic. 
 
Indians are looking forward to now having a balanced life, where they are not only focused on saving for the future (58 percent) but also want to spend for experiences and goods / physical possessions (50 percent each), as per a report by Deloitte Touche Tohmatsu India LLP (DTTILLP). 

Porus Doctor, Partner and Consumer Industry leader, Deloitte Touche Tohmatsu India LLP said, “Conscious yet meaningful consumption is being celebrated by Indians, as they look forward to ‘experience’ the present rather than living it virtually. This has also created a sense of purpose in them and they look forward to engaging with brands and platforms that reflect their personal values and are in line with their evolving tastes.”

In the leisure space, 85 percent of Indian respondents plan to spend on leisure travel in the next 4 weeks, 71 percent Indian respondents feel safe engaging with one-on-one services and 68 percent of Indian respondents feel safe going to a restaurant. 

Inflationary concerns have been increasing in the last few months across the globe. However, 77 percent of Indian consumers are optimistic that their financial situation is likely to improve within the next three years. 

In fact, 74 percent of respondents are planning to buy a new vehicle in the next six months and 30 percent of the respondents who plan to replace their vehicle are likely to do so to get a vehicle with new features, the report further stated. 

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