It has been revealed in the survey that An improvement in the ability to spend and buy off people between vaccinations. You heard it right. The second wave of the corona epidemic affected the spending and purchasing capacity of the common people. But now slowly the situation is coming back on track. According to a survey, in the coming festive season, urban people will be seen spending more than last year. Even though the situation has not completely recovered, but the increasing scope of a vaccination campaign in the country has improved the spending intention of the urban people.
According to YouGov’s Diwali Spending Index, the spending trend among urban Indians this festive season is 90.71. It was 80.96 last year. We can see an improvement in the figures. In August 2021, YouGov surveyed two thousand people on the India Online Panel. Data from the survey shows that over the past 18 months, people living more limited lives are looking for more opportunities to spend.
Significantly, the festive season is a big factor for most retailers in categories like textiles, electronics, gifts, and home goods. In such a situation, companies are already increasing the supply in the market and ensuring the availability of stock. According to the survey, 29 percent of the people said that they intend to spend more in the festive season this time than last year. In 2020 this figure was 17 percent. At the same time, 31 percent of people said that they plan to spend less than last year. In the year 2020, this figure was 54 percent. That is, the number of people who spend less has come down.
However, there may have been a change in the mindset of the people, but the family members are still cautious and uncertain. Last year around 50 percent of people said that they are more careful about their spending. This time also 43.6 percent of people believe the same. This is a sign that the fear of uncertainty persists among people.
Deepa Bhatia, General Manager, YouGov’s, says that whatever brands are there, they have to work smartly for their recovery. He said that in the survey, people have shown more intention to buy smart home devices. But we have to keep in mind that consumer sentiments have not fully recovered to the level before the pandemic.
YouGov’s Diwali Spending Index measured ten points in the survey. This includes growth in gross domestic income, increase or decrease in household expenses, intention to invest or spend, and general optimism towards the economy and motive to spend more or less this Diwali.
