Indian consumers expect financial situation to improve next year: EY report

A majority of Indian consumers expect their financial situation to improve in the next one year, but are concerned over the rising costs of goods and services, a new report by consulting firm EY said. According to the report, 77% Indians said they expected improvement in their finances, which is better than the global average of 48%.

The report, EY Future Consumer Index, also cautioned that 64% consumers felt the pinch of rising costs of goods and services, adding that it impacted their ability to buy goods. The impact is magnified among lower-income earners the most, the report flagged.

Uncertainty is driving consumers to save more money than in the past, with 50% of all respondents stating they would rather save than spend. Angshuman Bhattacharya, partner & national leader – consumer product and retail, EY India said in a statement: “Consumers are less loyal, and with increasing price sensitivity and an inflationary environment, companies would need to toil harder to retain them.” He said the situation called for FMCG companies to relook at their revenues and margins.

Over half of the respondents said they have prioritised physical health and wellness, followed by mental health. The report added that over a fourth of respondents said they would pay more attention to the environmental and social impact of their purchases in the long-term, which is the highest in the world.

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