According to Kantar’s Global Issues Barometer, 76% of Indian consumers are seeing the effects of increased living costs on their life plans. With prices of food, drink, and fuel rising and affecting household bills, Indians have less money left to save.
The report further stated that 35% of consumers believe the financial situation of their household is deteriorating. 46% believe the country’s economic outlook in general is negative. When asked what consumers look forward to the most, purchasing something was high on the list for Indians. To tackle increasing living costs, Indian people lean towards creating more jobs as a solution (23%).
“Indian consumers are saying that they are going to reduce the amount of money they’re putting into savings, more than their global counterparts, and they are going to work harder than other countries – even longer hours so that they earn enough money,” Business Insider India quoted Soumya Mohanty, MD and chief client officer of insights division, Kantar.
However, despite what seems like a dire situation, the report also says that Indian consumers hold a positive outlook. They rank higher on general positivity.
“People are trimming and there is a sense of prudence but they are optimistic about the future. Indian consumers are more likely to believe they’ll get higher increments than their global counterparts and that appraisals will beat inflation. So, the economic outlook is sunny, despite the rising prices being felt. Consumers will continue to be cautiously optimistic,” Mohanty told Business Insider India.
It is also worth noting that the war in Ukraine came out to be the highest concern in every country that the report surveyed. 37% of Indian respondents were concerned about the war. India is also among the countries most worried about climate change and the environment.