Indian consumers to spend more on luxury this festival season

Tags

Top Highlights

• This newfound confidence is driving an interest in luxury brands, exotic travel, and new vehicles, it added.

• “India's booming economy is encouraging consumers to embrace premium and luxury spending. This shift extends across consumer durables, travel, and hospitality, with Tier 2 and 3 markets also showing significant growth,” said Rajeev Singh, partner and consumer industry leader at Deloitte Asia Pacific.

• Singh adds that “discretionary spending is poised to increase, benefiting sectors like retail, automotive, and travel and hospitality.”

• Indian consumers are not only making luxury purchases, but are also planning exciting travel adventures, with a 74 per cent surge in domestic flight bookings and 58 per cent surge international flight bookings in August as compared to July. The demand for luxury hotels also rose by 5 per cent in August compared to July.

• Moreover, 63 per cent of consumers plan to buy a new vehicle in the next six months