Urban consumers cut back on apparel spending amid rising inflation: Survey

27 June 2022, Mumbai:

Over last six months, urban Indian consumers have reduced their expenditure on apparel, fuel and dining out due to rising inflation levels, as per a survey by YouGov.

Compared to 12 months ago, 46 per cent of urban Indians said, their cost of living has increased to some extent as inflation is driving up prices of daily essentials. Meanwhile, 46 per cent said their cost of living has gone up a lot compared to 12 months ago.

YouGov surveyed 1,013 urban respondents online in India between 7 June 7 and 10, 2022 using YouGov’s panel of over 20 million people worldwide.

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Retail of inflation measured by consumer price index (CPI) grew sharply to 7.79 per cent in April. CPI jumped to 7.79 per cent in April compared to 6.95 per cent in March while food inflation jumped to 8.38 per cent from 7.68 per cent in March, according to government data released in June.

As a result, households are crimping back on spends they deem unnecessary.

Clothing topped the list with more than a third saying they have reduced spends on apparels and accessories. Comparatively, lesser cutbacks have been reported on staple essential food items, broadband subscriptions and household essentials, perhaps because this is more of a necessity than a luxury, according to the survey findings.

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