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Business EconomyPosted at: Oct 6 2022 5:24PM


78 pc consumers plan to shop from retail stores near home this festive season: Survey

New Delhi, Oct 6 (UNI) As many as 78 per cent consumers plan to shop from retail stores near home this festive season, a survey conducted by Axis My India, a consumer data intelligence company, said on Thursday.

Promising discretionary spends, 44% consumers plan to buy apparel during Dussehra/Diwali while 8% each plan to buy white goods and mobile phones and 8% plan to buy either a 2-wheeler or 4-wheeler, the survey said.

The survey further highlights that 81% believe that shopping for family will be the ‘major expense’ during the festivities.

Overall household spending has increased for 58% of families which reflects a decrease by 3% points from last month, the survey said.

Spends on essentials like personal care & household items has increased for 44% of the families which is a decrease by 2% points from last month, it said.

''Spends on non-essential and discretionary products like AC, car and refrigerator has increased for 9% of families which reflects an increase by 2% points from last month. Health and fitness continue to remain important for consumers amidst the festive season wherein expenses towards health-related items have increased for 37% of the families. Consumption of media remains the same as the last two month at 19%. The overall net score, which was at -1 last month, is at -3 this same. Mobility has increased for 6% of the families, which reflects a decrease by 1% point from last month,'' the survey added.

According to the survey, 21% of consumers plan to spend more this festive season as compared to last year.

While 81% said that shopping for family will contribute as a ‘major’ expense this festive season, 7% said that their major expenses will be parked towards investments.

''In terms of big-ticket items, purse strings are still tight as only 6% of consumers plan to spend on jewellery, 5% plans to spend on 2-wheelers, 3% plans to spend on four-wheelers and 1% to spend on tractor/commercial vehicles. Also, only 2% plan to spend on home/plot/or a commercial property,'' the survey said.

The survey further revealed that a majority of 78% plans to shop from local physical retail stores near their home and 14% plans to shop from E-commerce sites like Amazon/Flipkart this festive season.

As compared to pre-Covid times 43% are buying smaller packs/sizes of their monthly groceries
Commenting on the report, Pradeep Gupta, Chairman and MD, Axis My India, said "Increase in discretionary spends across households demarcates the continuity of festive sentiments. From visiting physical stores to scanning through online sites, consumers are not only investing on household products but are also splurging for themselves and their families. However, one can witness the spending capacity to be conscious as the expenses are mostly on low budget items such as clothes as compared to heavy ticket items such as vehicles or properties. Cash though continues to be the king, digital modes of payment like UPI and debit/credit card usage is also growing rapidly."
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