36% consumers in India expecting to increase their spending, much higher than global average of 17%
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India is one of the most optimistic markets, compared to other global economies, with 5 out of 10 exhibiting positive sentiment with regards to both macro-economic factors such as geo-political concerns, recession or inflation as well as micro factors such as personal finances and their future income outlook, as per 2023 Global Consumer Sentiment survey from Boston Consulting Group (BCG),
“This positive attitude is translating into spending resilience, with 36 per cent of consumers in India expecting to increase their spending in the next 6 months across categories, much higher than the global average of 17 per cent.
"This positive spend outlook is being driven more so by young working adults, looking to spend on more experiential categories such as travel/leisure, entertainment as well big-ticket purchases like auto and electronics” said Nivedita Balaji, Associate Director, BCG.
There is no single answer regarding how consumers around the world are feeling. Concerns about both macro and micro issues are high, and both show wide ranges, from less than 50 per cent of Indian and Chinese consumers worried about personal finances and income to more than 80% worried in Japan, Argentina, and France. Consumer sentiment in the US rests roughly in the middle.
The spending outlook is relatively positive among young working adults -- those who are 18 to 34 years old. Sixteen per cent of that group expects to change their spending, compared with 13 per cent for those aged 35-44 years old and 8 per cent for those aged above 44 years, the survey said.
Certain countries continue to see positive sentiment and a good spending outlook -- particularly India, China, the United Arab Emirates, and Saudi Arabia. These nations will continue to see growth over the next one to two years, as per the survey.
