India witnessing consumption revival; spending on discretionary increases: Deloitte report
Indians are slowly making their way back to the office and is witnessing a consumption revival in the country with spending intent shifting towards more discretionary items, according to a report by global consultancy and advisory firm Deloitte.
After witnessing two waves of the pandemic, India is "cautiously returning" to a state of "business as usual", said the Deloitte's Global State of Consumer Tracker.
"Decreasing number of COVID-19 cases as well as an aggressive vaccination drive have brought in a new wave of confidence amongst Indian consumers," it said.
The findings of the report reflect that the Indian consumer is "ready to spend more on discretionary items, feels safe about returning to work place, wants to spend on travel".
Moreover, Indian consumer is less hesitant about in-person events and activities — all of which are positive trends for India's economic revival, it added.
"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 said.
According to the report, with robust vaccination initiatives by the government, Indians have gained confidence and are slowly returning to the workplace.
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