According to a survey, consumer spending may increase throughout the holiday season

After the Pitru Paksha holiday, the festive season will begin, and a poll by the UBS Evidence Lab suggests that consumer spending in India may increase this year. Despite being hurt by the inflationary problems, customers are still going to do this. 1,500 people from the top to medium rungs of India’s economic pyramid participated in the poll. According to the poll, the income levels of wealthy customers are still rising. As a result, a sizable majority (70%) of those who participated in the study anticipate that their holiday spending would rise this year. 18% of respondents anticipate keeping spending at the current level.

Since over three-quarters of survey participants anticipated a greater or steady income this year, UBS Evidence Lab came to this conclusion. Only 11% of the respondents believe that their holiday spending would be quite low this year. The poll includes 1,500 participants from all throughout India, ranging in age from 18 to 54. All of these individuals fell into the A (high class) and B (upper-middle class) categories. The demand condition in the nation is fairly decided by consumers in these income ranges.

While 24% of respondents reported a decrease in income, 73% of respondents felt that their income has increased or has been consistent. More than 70% of participants said that their income may rise during the course of the next year. In compared to inflation, almost 65% of respondents said that their family income had increased more.

In comparison to previous year, over 46% of respondents bought less packaged food and personal care goods, while another 16% reported no major difference. When compared to the prior year, the respondents’ opinions on buying home care goods were essentially indifferent. The survey’s findings also show that 58% of customers want to buy a 2-wheeled vehicle in the next two years. A 2-wheeler vehicle was bought by 55% of buyers in the preceding year.