Indians to splurge on Festive Shopping, shift to cash payments: UBS Report
05 October 2023, Mumbai
IN brief
Indians are ready to splurge on festive shopping this year, with 70% of respondents planning to increase their spending, according to a new UBS report published on Wednesday.
The report also shows a shift from digital to cash payments, with the former dropping from 71% to 58% and the latter rising from 27% to 35%. This change indicates a growing preference for buying local and offline goods, which could support Prime Minister Narendra Modi’s “Vocal for Local” campaign.
