Around 75% of Indian respondents who’ve participated in a PwC research say they’re involved about their personal monetary scenario, versus 50% globally.
Consequently, some 63% of shoppers within the nation have been chopping again non-essential spending altogether, discovered the 2023 PwC Global Consumer Insights Pulse Survey.
The India leg of the research included 500 Indian respondents (views of 9,180 shoppers have been captured from 25 territories globally) throughout 12 metros, tier-1 and tier-2 cities together with Mumbai, Delhi-NCR, Bengaluru, Visakhapatnam, Chennai, Kochi, Kolkata, Nagpur, Jalandhar, Hyderabad, Meerut and Rajkot.
Also, 47% of shoppers mentioned they’d store with retailers that supply free/discounted product supply and search much less friction within the purchasing expertise, as per the survey.
Ravi Kapoor, Partner and Leader – Retail & Consumer, PwC India mentioned: “PwC’s latest survey for India drives home the key message of ongoing financial stress in the lives of the consumers, where 75% of them are very concerned about their financial situation.’‘
This sentiment would have a potential restraining effect on spending in highly discretionary categories of electronics and luxury. 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 ‘go local’, he observed.
Mr. Kapoor, however, added, “The silver lining here remains the unequivocal growths in the adoption of digital channels and the desire to spend more on travel in the coming months.”
