Indian household expenditure expected to increase by 60% in next six months, says report? find out
- India’s consumer market is reported to be optimistic
- 60% of Indians will increase household spending in the next 6 months
- Chances of increase in expenditure on daily necessities and lifestyle
India is emerging as the most optimistic consumer market in the new year, with a huge increase in household spending intentions among Indians. Importantly, levels of confidence in household spending are higher than in many major countries. A recent Nuwama report states that nearly 60% of Indian consumers expect their household spending to increase over the next six months. This willingness to spend clearly reflects rising consumer confidence and expectations of improved economic conditions.
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According to the report, broadly speaking, Indian consumers are far ahead of major countries in terms of optimism about household spending, driven by strong economic growth, lower inflation, increased industrial turnover and rising incomes. The global average is 12% below zero, while the level of net optimism is 27%. China leads the way in this regard, where consumers are confident of increasing household spending. India ranks second in this regard. (Photo Courtesy – Pinterest)
Expected to spend the most on buying a new car
Vehicles are the leading sector. Where Indian consumers plan to spend the most. 70% of Indian consumers plan to spend the most on a new car purchase. 63% of consumers then plan to increase spending on smartphones and mobile plans. A third of Indian consumers plan to spend more overall, with unnecessary purchases emerging as the main reason. This level of unnecessary spending intentions is the highest of all reported markets.
Hope for better days, and worry about recession
About 61 percent of Indian consumers believe that good times are ahead. However, 34 percent fear widespread unemployment or a recession. 17 percent say tensions and other political events in many countries could slow India’s growth rate, which is the second lowest after China. In contrast, 60 percent of respondents in the UK, France and Germany expect growth to slow.
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Less spending on snacks and beverages
Tends to spend on long-term and essential categories such as vehicles, mobile phones and house rent. In contrast, there is a relatively low spending mindset for daily consumption categories such as packaged snacks and beverages. This shows that Indians have a more thoughtful and value-based approach to daily spending.
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