India cautiously returning to 'business as usual': Deloitte

New Delhi: Deloitte Touche Tohmatsu India LLP (DTTILLP) unveiled wave 22, the latest 30-day analysis of its Global State of the Consumer Tracker, indicating a consumption revival in India, with consumers showing positive spending intent and a brighter outlook towards the future.

Decreasing number of Covid-19 cases as well as an aggressive vaccination drive have brought in a new wave of confidence amongst Indian consumers.Latest findings reflect that the Indian consumer is ready to spend more on discretionary items, feels safe about returning to workplace, wants to spend on travel and is less hesitant about in-person events and activities-all of which are positive trends for India's economic revival.

A clear indication for all these is that only 34 per cent Indian respondents to the survey, show anxiety while 84 per cent consumers feel safe to return to workplace. Also, 60 per cent consumers have shown willingness to attend in-person events, 59 per cent consumers feel safe taking a flight while 30 per cent consumers show willingness to use public transport.

However, the Deloitte analysis has brought about the fact that the concerns among people about physical well-being still prevail. A sizeable portion of 79 per cent, are concerned about the health of their family.

Financial confidence also seems to gain momentum as the Deloitte tracker shows Indian consumers' intent in making large purchases.

Porus Doctor, Partner and Consumer Industry leader, DTTILLP, said, "The easing of Covid-19 related restrictions across the country along with an accelerated vaccination drive has fueled positive consumer sentiments. Our latest survey insights indicate higher levels of consumer spends and a decline in anxiety levels will boost India's economic revival albeit with a touch of caution."