Survey reveals 75% of people are open to spending big this festive season
InterMiles, a leading loyalty and rewards programme, has released the second edition of its ‘Consumer Spending Sentiment Index Report’ showcasing payment, purchasing, and personal finance trends.
Hyderabad: The pandemic has forced consumers across the globe to re-evaluate spending habits and prioritise them differently. Moreover, it has also impacted and shaped methods of transacting. But to what extent? InterMiles explores.
InterMiles, a leading loyalty and rewards programme, has released the second edition of its ‘Consumer Spending Sentiment Index Report’ showcasing payment, purchasing, and personal finance trends, along with shifting consumer spending patterns. The report is based on responses received from 1,697 InterMilers across India.
Indians are gearing up for big spending this festive season
When asked how open they were to making big shopping spends as compared to before the pandemic, a majority responded with optimistic enthusiasm. A whopping 75 per cent said that they were either more willing or just as willing to make big shopping spends as before the pandemic.
The spotlight on gifting grows dimmer this festive season
While personal and household shopping is on the rise, gifting takes a comparative backseat. 2 in every 3 respondents say that traditional gifting does not rank high on their priority list at the moment. This implies a drastic change from pre-pandemic behaviours.
The what, why, where of festive shopping this year!
A whopping 78 per cent of respondents said they continue to prefer shopping online – this trend accelerated by pandemic-induced lockdowns, seems like it is here to stay.
When asked to point out their one-stop shopping destination of preference, Amazon emerged as a clear winner. Flipkart, Myntra, Tata Cliq, and Snapdeal follow at a distance on the consumer preference list.
Credit cards and cashless transactions are the latest buzzwords on the block
Credit cards are the most preferred form of payment this season, with close to 60 per cent of respondents choosing to swipe their cards as they seek to accumulate reward points, increase credit scores and gain access to exclusive discounts and benefits.
Other cashless forms of payments have also gained popularity with 20 per cent of respondents preferring to transact via UPI, 10 per cent via debit cards, and 5 per cent via e-wallets.
However, the most standout trend here is the drastic reduction in the use of cash. This behavior change in India – induced and accelerated many times over by the pandemic, indicates a significant curve in a previously cash-based economy. This pattern is also fueled by the penetration of the internet even into deep pockets of India – consumers who were once wary of digital transactions now find assurance in the safety of it.
