- Overall anxiety level in India is at 39% which is a decline of 6% from 45% in the previous wave
- The age groups above 35 are increasing spends towards discretionary items
- Over 70% of the age group above 35 intend to purchase their next vehicle online
Deloitte India unveiled wave 20, the latest 30-day analysis of its Global State of the Consumer Tracker, which indicates a 6% decline in the overall anxiety levels to 39%, as the number of new COVID-19 cases across the country continue to decrease.
Indian consumers have shown an intent to increase discretionary spends in anticipation of the upcoming festivities like Eid, Raksha Bandhan, Janmashtami, and Ganesh Chaturthi. Across age groups, there continues to be a preference to spend more on convenience.
The following facts indicate the decrease in anxiety:
- 87% consumers are willing to spend more as they prioritise convenience over price
- 61% consumers have indicated that they now feel safe visiting the stores to shop
- 51% have shown willingness to attend in-person events
However, the concerns about physical well-being prevail:
- 79% of Indian consumers are concerned about their physical well-being
- 85% are concerned about the health of their family
Deloitte’s Global State of Consumer Tracker indicates that young adults are saving more (47%) as compared with people above 55 years of age (43%). While corporate India is still evaluating return to work policy, work-from-home has helped staff save significantly on transport and rent.
Porus Doctor, Partner and Consumer Industry leader, Deloitte Touche Tohmatsu India LLP 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% of Indian consumers are concerned about returning to their workplace; but 65% 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% of consumers have indicated they are comfortable staying at a hotel.”
Other trends:
- Declining use of public transport and spending cautiously on the next vehicle is a constant trend
- 79% of Indian consumers intend to keep their current vehicles for a longer time
- 76% respondents, compared with 79% in the previous wave, are concerned about using public transport
- 55+ age group shows confidence in stepping out
- People aged 55+ are feeling safer while venturing out when compared with young adults in the age group of 18-35
– 78% of people aged above 55 feel safe going to a store
– 70% feel safe going to a restaurant
– 69% feel safe staying in a hotel
– 71% feel safe taking a flight and only 9% are concerned about return-ing to their workplace
- People aged 55+ are feeling safer while venturing out when compared with young adults in the age group of 18-35
