74% of Indians Concerned about Their Personal Financial Situation: PwC Report
Around 74% of Indians are concerned about their personal financial situation, as opposed to 50% globally, while 63% of Indian consumers are cutting back non-essential spending altogether, a new report said on Thursday.
According to the "2023 PwC Global Consumer Insights Pulse" report, most Indian consumers expect to reduce their expenditure across all surveyed categories over the next six months, a significant decline in planned spend across all categories since the previous pulse survey in June 2022.
"Consumers will continue to demand world-class buying experiences in both physical and digital channels with work cut out for brands to reduce costs, enhance availability, and for 'going local'. The silver lining here remains the unequivocal growths in adoption of digital channels and the desire to spend more on travel in the coming months," said Ravi Kapoor, Partner and Leader—Retail & Consumer, PwC India.
Moreover, the report mentioned that the industries, including luxury and premium products, travel, and fashion, expect to see the greatest portion of consumer spending reductions over the next six months, whereas the groceries segment is expected to decline the least.
About 47% of Indian consumers say they will shop with retailers that offer free/discounted product delivery.
The report further said that half of the Indian consumers (50%) said rising prices remain the most frequently experienced issue when shopping in-store, supply chain issues also dominate with larger queues and busier store locations (35%), along with product availability (28%), which is also impacting consumer behaviour.
In spite of a planned cut in spending and challenging economic conditions, Indian consumers say they are still willing to pay more for sustainable products.
Over 88% of respondents say they would pay more for a product produced or sourced locally, made from recyclable, sustainable, or eco-friendly materials (87%), or produced by a company with a reputation for ethical practices (87%).
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