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High inflation and fuel costs have led to middle income groups slashing their spending by almost two-third on recreation activities even as the rich continue splurging, an Assocham survey said today.
“Middle Income Group (MIG) has curtailed its spending on entertainment and eating out by nearly 65 per cent in last 12 months due to higher inflation, interest rates and fuel costs,” the apex chamber survey said.
On an average, an MIG family was spending roughly a sum of Rs 4,000-6,000 a month on shopping, entertainment and eating out. The decline comes at a time when the headline inflation has been above 8 per cent since February last year.
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