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