Consumers Willing To Pay More This Festive Season: Deloitte

The survey analysis indicates that consumers are willing to pay 30 per cent more in August 2022 than in April 2022

As per the data released by Deloitte Global State of Consumer Tracker 2022, consumers are willing to buy more discretionary products and services in this festive season. In addition, people have shown the urge to travel and stay in hotels in the coming months. Few people also intend to pay for either new or used vehicles. The survey implies that about 9 per cent of consumers purchased a new or an old vehicle in the past four weeks, while 84 per cent reflected that they would buy a new vehicle in the next six months.

This festive season’s planned expenditures will spike in all age groups. Therefore, the next four months are going to be a crucial time for producers and providers. Accelerated spending habits will be seen in buyers due to the triggered response to feeling free after a long pandemic period. People have also shown their interest to finance in home appliances, furniture, restaurants, entertainment, and leisure, including International travel. Around 88 per cent of people are willing to go on an international trip in the next four weeks. The survey analysis indicates that consumers are willing to pay 30 per cent more in August 2022 than in April 2022.