55 per cent of Indian consumers are spending more time and money on enjoying the present, with 57 per cent of responders in the age bracket of 55 years and above looking to spend more time away from home
The latest analysis of the survey (Wave 30) launched by Deloitte Touche Tohmatsu India LLP has revealed that 18 per cent of decrease was found in both discretionary and non-discretionary spending by Indian consumers.
Porus Doctor, Partner and Consumer Industry Leader, Deloitte Touche Tohmatsu India LLP commenting on the latest trends of Global State of Consumer Tracker, said that “Inflationary trends, along with rising fuel and commodity prices and a weak rupee, have driven the Indian consumer to become more circumspect and introspective, and focus on prioritising one’s own well-being (23 per cent) and purpose (20 per cent) compared with 12 months ago,” reported ETTravelWorld.
This shift, according to experts, points to a change in consumer behaviour since consumers can be seen preparing for the possibilities of financial instability in the future. As a result, a fall could be seen in the number of people willing to fly or stay in hotels – particularly among business individuals (with a decline of 3 per cent).
KEY TRENDS:
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Indian travellers could be seen more inward-focused
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62 per cent were seen to drive personal change,
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55 per cent were searching for more avenues for earning,
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49 per cent were now prioritising their overall well-being, and 45 per cent were looking to pursue more purposeful goals in life
It was noticed that those between the ages of 18 and 54 years were more focused on savings for the future while those beyond 55 years of age were searching for new opportunities to enjoy life. About 20 per cent increase could also been in this age group of people choosing to spend on leisure activities, such as shopping for clothing and personal care, entertainment, recreation and leisure travel, as well as mobile/Internet/cable/streaming.
The survey also revealed other key trends: Indian travellers could be seen more inward-focused. 62 per cent were seen to drive personal change, 55 per cent were searching for more avenues for earning, 49 per cent were now prioritising their overall well-being and 45 per cent were looking to pursue more purposeful goals in life.
A drop was noted in the percentage of people willing to fly or stay in hotels after the pandemic. The percentage of individuals travelling for business purposes dropped from 84 per cent to 81 per cent in the current wave.
55 per cent of Indian consumers are spending more time and money on enjoying the present, with 57 per cent of responders in the age bracket of 55 years and above looking to spend more time away from home.
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