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Indian consumers showing reduced anxiety due to vaccine coverage
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SME Times News Bureau | 23 Jul, 2021
As the vaccination coverage increases in India,
consumers are turning less anxious about Covid infection and are raising
their discretionary expenditure, showed a Deloitte survey.
Deloitte
Touche Tohmatsu India LLP's Global State of the Consumer Tracker
indicated a 6 per cent decline in the overall anxiety levels to 39 per
cent, as the number of new Covid-19 cases across the country continues
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, said a Deloitte
statement. Across age groups, there continues to be a preference to
spend more on convenience.
Around 87 per cent consumers are
willing to spend more as they prioritise convenience over price and 61
per cent consumers have indicated that they now feel safe visiting the
stores to shop.
Further, 51 per cent of the respondents have shown willingness to attend in-person events.
However,
the concerns about physical well-being prevail and 79 per cent of
Indian consumers are concerned about their physical well-being and 85
per cent are concerned about the health of their family.
Deloitte's
Global State of Consumer Tracker indicates that young adults are saving
more (47 per cent) as compared with people above 55 years of age (43
per cent). 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,
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."
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