Curated By: Business Desk
Last Updated: October 05, 2023, 12:18 IST
70% of the survey takers expect that their festive spending will increase.
A total of 1,500 respondents from all over India between the ages of 18 to 54 were included in the survey.
The festive season will start after the Pitru Paksha period and a survey conducted by the UBS Evidence Lab has indicated that Indian consumer spending may rise this year. The consumers are going to do this despite being hit by the inflationary woes. The survey was conducted on 1,500 users from the upper to middle-income sections of India’s income pyramid. The survey determined that affluent consumers’ income levels are continuing to rise. Due to this, a large majority (70 per cent) of the survey takers expect that their festive spending will increase this year. 18 per cent expect to maintain the same level of spending.
UBS Evidence Lab reached this conclusion since nearly three-quarters of the survey respondents expected a higher or stable income this year. Only 11 per cent of the respondents feel that their expenditure is going to be minimal during this year’s festive season. A total of 1,500 respondents from all over India between the ages of 18 to 54 were included in the survey. All these people were categorised under the A (upper) and B(upper-middle class) categories. Consumers in these income groups have a fair say in deciding the demand situation in the country.
73 per cent of the respondents feel that they have witnessed a rise in their income or it has remained stable, while 24 per cent said that their income has declined. More than 70 per cent of participants said that their income could increase in the next year. Around 65 per cent of the respondents claimed that the increase in their household income was more in comparison to the inflation.
About 46 per cent of respondents purchased less personal care and packaged food products compared to last year, and another 16 per cent have not seen any significant change. The respondents were largely neutral compared to the previous year regarding the purchase of home care products. The survey results also indicate that 58 per cent of consumers intend to purchase a 2-wheeler vehicle within the next 2 years. 55 per cent of the consumers have purchased the 2-wheeler vehicle in the previous year.
