Even as Indians increase their spending with the easing of lockdowns, over 90% of respondents in a survey said that the pandemic has made them more careful with expenditure as against 75% of global respondents.
Indians are being increasingly careful with money despite many of them (56%) reporting a spike in spending in July compared to global peers (46%). According to a survey conducted by Standard Chartered Bank, 76% of survey respondents in India said that the economic impact of Covid-19 has made them more likely to track their spending.
The examine of 12,000 adults throughout 12 markets — Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, the UAE, the UK and the US — is the second in a threepart sequence. In response to the survey, India has essentially the most respondents (78%) who’re optimistic about buying on-line versus 64% globally.
One other space the place India topped the checklist amongst optimistic responses was in cashless spending with 87% of respondents saying that the nation will go cashless in 5 years versus 64% globally.
In India, 64% of individuals say they’ve spent much less on journey/ holidays than they did earlier than the pandemic (64% globally), whereas 30% have spent much less on experiences (41% globally) and 56% have spent much less on garments (55% globally).