Consumers to buy more discretionary products during the festive season: Deloitte
03 October 2022, Mumbai:
Indian consumers have expressed a strong desire to buy more discretionary products during the festive season while coming out of the pandemic. So says Deloitte.
Consumers are willing to increase spend on both travel and hotel stays. They intend to buy either a new or anused vehicle within the next six months. Prominent reasons for purchasing a vehicle were the high maintenance cost of old vehicles and new features offered in the latest models. Despite concerns over inflation, the planned spending over the next four weeks will see a spike across age groups in all categories. Consumers also want to purchase clothing, electronic and home furnishing, and recreation, entertainment and leisure.
With easing Covid-related restrictions in some countries, about 88 per cent Indians are planning to spend on leisure travel in the next four weeks. The upcoming festivities and sale offers play a key role in propelling the Indian auto industry, which is expected to grow at a high pace in the next six months.
Over the last year consumers have been unwavering in their priorities - they still feel introspective, and are focused on health, well-being, and purpose. Online purchases remain strong though to a lesser extent than during the peak of the pandemic.
