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Indian consumer spending likely to be higher this festive season: Report.


Date: 22-09-2023
Subject: Indian consumer spending likely to be higher this festive season: Report
Indian consumer spending is expected to be higher this festive season, on the back of increasing purchases of celebratory items and luxury goods, according to a survey by Deloitte. Deloitte's ConsumerSignals research said that about half of the participants believe they can effectively handle significant unexpected expenses in the near future.

"With the festive season nearing, Indian consumer confidence is increasing, with 56 per cent indicating their readiness to spend on celebratory items," it added.

In the short term, the survey said, consumer spending is set to rise, particularly in clothing, personal care and recreation, entertainment and leisure.

"These trends point to increased spending as the festive season nears," it said.


Rajeev Singh, Partner and Consumer Industry Leader at Deloitte Asia Pacific said that healthy growth in India's economy is encouraging consumers to embrace premium and luxury spending.


"This shift extends across consumer durables, travel, and hospitality, with Tier 2 and 3 markets also showing significant growth. Discretionary spending is poised to increase, benefiting sectors like retail, automotive, and travel and hospitality," he said.


Further, the survey said that Indian consumers are not only making luxury purchases but are also planning exciting travel adventures, with a surge in domestic and international flight bookings.
 

Source Name : Economic Times

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