Revival in consumption patterns as people are moving back to office are the two key trends which can be witnessed amid signs of recovery, according to a report by consultancy firm Deloitte.
The “Global State of Consumer Tracker” report by Deloitte noted that India is getting back to the “business as usual” mode and despite the rise in consumption, the spending has been more towards discretionary items.
The survey is based on the analysis of spending patterns of 1,000 persons across the country over a period of 30 days.
Owing to an acceleration in the vaccination drive and falling number of Coronavirus cases, confidence among Indian consumers towards spending more, though on discretionary items, has increased, the report noted.
Also at the same time, people are getting confident about returning to their workplaces and are keen to spend on travelling.
With travelling to office gradually picking up, the Indian consumer is also keen to participate in “in-person” activities, which is another indication towards revival in economic activities, the study noted.
As the festival season is nearing and Coronavirus affected cases showing a sharp decline, the anxiety levels of consumers have come down and they are willing to spend more, the report said.
“The easing of COVID-19-related restrictions across the country along with an accelerated vaccination drive has fuelled positive consumer sentiments. Our latest survey insights indicate higher levels of consumer spends and a decline in anxiety levels will boost India’s economic revival albeit with a touch of caution,” said Deloitte Touche Tohmatsu India LLP Partner and Consumer Industry Leader Porus Doctor.