- This survey by
ZestMoneyreveals insights on consumer spending and saving habits.
- 78% of respondents say they have saved up to spend this year.
The consumer survey was conducted to understand consumer shopping habits and preferences for the ongoing
Smartphones, electronics, and fashion have emerged as the top categories where people planned to splurge in the coming months. A whopping 72% choose smartphones and consumer electronics as their preferred choice to shop. Home decor, jewelry, automobiles, personal care products are the other popular categories.
The Indian festive season is a crucial time as consumer demand is at its peak with many planning several small and big-ticket purchases. With increased vaccination and the general opening of the economy, the survey has witnessed a positive sentiment around budgets and shopping at physical stores. 75% of the surveyed respondents said they were more comfortable shopping at physical stores than last year. While online shopping continues to be popular among people, 53% said they would shop at both online and offline stores for their needs this year.
Indicating an increase in discretionary spending and budgets, 67% of people say they plan to spend on gifting family and friends.
It is interesting to note that 59% of them revealed that they plan to use Buy Now, Pay Later/EMI options for their shopping needs. UPI, Credit Cards, and cash payments were other popular options. Affordability solutions continue to play a crucial role in these times as people look at ways to plan their finances better.
Commenting on the survey,
“One noticeable difference is people are more comfortable shopping at retail stores and the footfalls are promising. We are seeing massive interest from retailers wanting to enable Buy Now, Pay Later at their stores. We will soon have a network of 1 lakh physical stores across the country owing to the festive demand. Overall we expect a 3X YoY growth this festive season with demand across categories from electronics, home appliances, smartphones, and electric bikes”, added Chapman.