As per a recent Deloitte survey, consumers have started raising their discretionary expenditure with increased vaccination coverage. As cases decline, there is a 6 per cent decline in overall anxiety levels to 39 per cent, noted the Deloitte Touche Tohmatsu India LLP's Global State of the Consumer Tracker.
Indians, across age groups, intend to increase discretionary spending for festivals like Eid, Raksha Bandhan, Janmashtami, and Ganesh Chaturthi. Around 87 per cent of consumers are willing to spend more as they prioritise convenience over price, and 61 per cent of consumers have indicated that they now feel safe visiting the stores to shop. 51 per cent also expressed willingness to attend in-person events. However, while 79 per cent of Indian consumers are concerned for their physical well-being, 85 per cent are also worried about the health of their families.
Porus Doctor, Partner and Consumer Industry leader, DTTILLP, said, "Our latest survey insights indicate that the Indian consumer is showing signs of reduced anxiety and is open to looking at increasing discretionary spends.
"Only 20 per cent of Indian consumers are concerned about returning to their workplace; but 65 per cent are concerned about losing their jobs. Travel sentiments are showing positive trends; those consumers in the age group above 35 have shown interest to travel for leisure in the next three months, and 58 per cent of consumers have indicated they are comfortable staying at a hotel."