BI India Bureau07 Jul 2023, 17:49
Indians are spending more in categories such as OTTs, gadgets, soft drinks, pet care, travel, etc., which are driven by prosperity, indicating an increase in affluence and maturity of consumption patterns, reports Redseer. However, house expenses and tea consumption grew slowly, with no visible growth trend. The report notes that, in contrast, there are some remarkable trends across product and service categories like premiumization in vehicles, electrification of two-wheelers, and preference for digital entertainment and fashion. Though personal consumption has been affected by macroeconomic conditions, it is expected to show an upswing in the coming years.