Coming out of the pandemic, consumers in India have expressed a strong desire to buy more discretionary products during the festive season, according to Deloitte’s Global State of Consumer Tracker.
Deloitte’s latest analysis indicates that consumers are willing to increase spend on both travel and hotel stays. They also intend to buy either a new or used vehicle within the next six months.
Consumers’ intent to purchase clothing, electronic and home furnishing, and recreation, entertainment and leisure, indicates a positive spending pattern triggered by the upcoming festive season.
“The survey findings clearly indicate that consumers plan to increase their discretionary spend by 30 per cent (on items such as recreation and entertainment, restaurants, and leisure travel) in August 2022, compared with April 2022,” it said.
The current wave indicates consumers surveyed were willing to travel to domestic and international destinations. With ‘mask-lift’ announcements and easing out of other COVID-related restrictions in some countries, about 88 per cent Indian consumers plan to spend on leisure travel in the next four weeks.
Clearly online purchases remain strong, albeit to a lesser extent than during the peak of the pandemic. Relevant sectors, such as consumer products and retail, automotive, and travel and hospitality, look to benefit from the buoyant mind set of the consumers covered in the survey.
