Indian luxury spending to rise this festival season

As the festival season gains momentum, Indian consumer confidence is on the rise, with 56 percent of consumers expressing their willingness to spend on celebratory items, according to a study conducted by Deloitte.

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The study also revealed that 49 percent of respondents believe they can effectively handle significant unexpected expenses in the near future. Furthermore, a remarkable 75 percent of consumers reported an improved financial situation over the past year. This newfound confidence is driving increased interest in luxury brands, exotic travel, and new vehicles among Indian consumers.

Despite the rising prices of food and grocery products, as well as durable goods, the study found that the shopping plans of Indian consumers remain undeterred. A significant 55 percent expressed a keen interest in investing in popular brands for consumer durables, while 57 percent were ready to indulge in premium ingredients for food and groceries.

In the short term, consumer spending is expected to rise, particularly in sectors such as clothing, personal care (12 percent), and recreation, entertainment, and leisure (14 percent).