Indians Willing To Spend During Festive Season

by GoNews Desk 2 years ago Views 4162

Indians Festive Spending
A survey conducted amongst 2,000 people in August 202, which primarily included urban-based socioeconomic categories ‘A’ and ‘B’, has found an increased willingness to spend during the upcoming festival season. The results of the survey show that 29% people want to increase their festive spending this year as compared to last year. In 2020 this figure was 17%, down from 48% in 2019. The survey has also revealed that those who were living on a limited budget for the past 18 months are now looking for avenues to spend money.

Although people have become confident about spending more, there is still uncertainty prevailing in a particular section who want to restrict their festive spending. 31% people say that they will spend less during festivals this year as compared to their spending in 2020. In 2020, 54% of the respndents said they want to spend less than the last year during festivals, whereas in 2019 this figure was 23%.

This survey, completed last month, also shows that there are 28% people who want to spend the same as last year during the festive season. Such people were 29% in 2020 and 18% in 2019. As reported earlier, the sudden and unplanned lockdowns imposed during the first and second wave of the pandemic caused a climate of economic uncertainty and fear among people. In this context, 43.6% of the survey participants said that they are more cautious about their spending this year as compared to the previous one, whereas in 2019 this figure was 50%.

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