Despite inflation, consumers are prioritising personal care and well-being as the world gradually adjusts itself to life after the pandemic, according to Deloitte Touche Tohmatsu India LLP’s latest analysis of its Global State of the Consumer Tracker.

After spending over a year and a half within the confines of their homes, Indian consumers are now living in the moment and indulging in luxury and experience-oriented spending, the report said.

“Our latest findings reflect that despite global inflationary concerns, Indians are looking forward to have a balanced life, where they are not only focussed on saving for the future (58 per cent) but also want to spend for experiences and goods / physical possessions (50 per cent each). While 74 per cent of Indian respondents are concerned about inflation, at the same time, 85 per cent of Indian respondents plan to spend on leisure travel in the next 4 weeks, 71 per cent of Indian respondents feel safe engaging with one-on-one services and 68 per cent of Indian respondents feel safe going to a restaurant,” Deloitte Touche Tohmatsu said in a statement.

Conscious consumption

Porus Doctor, Partner and Consumer Industry leader, Deloitte Touche Tohmatsu India LLP said, “Conscious yet meaningful consumption is being celebrated by Indians, as they look forward to ‘experience’ the present rather than living it virtually. This has also created a sense of purpose in them and they look forward to engaging with brands and platforms that reflect their personal values and are in line with their evolving tastes.”

Most of the Indian consumers are planning to spend the most from their share of wallet on personal care and clothing (14 per cent) along with recreation, entertainment and leisure travel (14 per cent) followed by electronics and home furnishings (11 per cent). Robust vaccination drives and an up-tick in positive sentiments are the primary reasons for this shift. Several brands are offering a wide range of beauty and personal care products through e-commerce platforms. In addition, rapid urbanisation, easy internet access, and high smartphone penetration are catalysing the demand for these products across India.

Business travel gaining momentum

With easing travel restrictions and the opening-up of workplaces, Indians are gearing up to resume their business travels. Sixty-nine per cent of consumers are likely to travel for business within the next three months. With improving sentiments, a resurgence of economic activities, and a growing sense of positivity and normalcy, executives have gradually resumed business-critical travel.

Indian respondents are showing interest in purchasing new vehicles. About 74 per cent of respondents are planning to buy a new vehicle in the next six months and 30 per cent of the respondents who plan to replace their vehicle are likely to do so to get a vehicle with new features. Indian respondents are actively exploring leisure travel. Intent to travel for leisure in the next three months has seen an upward trend with 65 per cent Indian respondents feel safe about flying and staying in a hotel

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