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Indian consumers to stay away from big-ticket purchases this year: Survey

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The COVID-19 pandemic has made Indian consumers wary of spending on big-ticket items, and focus on saving money in 2022, said a survey named "India Consumer Spending Outlook - 2022". The survey revealed that 40 percent of the respondents were likely to invest in equity and mutual funds, while 15 percent were likely to spend on cars, property and jewellery this year.

Indian consumers to stay away from big-ticket purchases this year: Survey

The severity of the COVID-19 pandemic has prompted Indian consumers to stay away from big-ticket purchases, such as four-wheelers, and focus on saving money in 2022, said a survey.

The survey named "India Consumer Spending Outlook - 2022" was conducted by community platform LocalCircles to understand consumer sentiment in purchasing equities and mutual funds, jewellery, residential units, cars and health insurance in the new year.

The survey studied 47,000 households in 391 districts of India. Of the total participants, 20 percent were from tier III, IV and rural areas, 33 percent from tier II towns and 47 percent from cities and metros. The respondents comprised 37 percent women and 63 percent men.

The survey revealed that 40 percent of the respondents were likely to invest in equity and mutual funds, while 15 percent were likely to spend on cars, property and jewellery this year, Mint reported.

According to the results of the survey, only one in seven families is likely to spend money on buying a residential property in 2022. The survey showed that 83 percent of citizens do not plan to purchase any residential property this year, while 7 percent will be purchasing their first or primary residential property. On the other hand, 4 percent of the respondents said they would be purchasing their second residential property and another 4 percent would be purchasing a house for investment purposes. The question on residential property received 9,834 responses.

When asked if they were planning to purchase a vehicle in 2022, 82 percent of the respondents said they did not want to spend on a car this year. The survey showed that only one in six families is likely to spend on a four-wheeler vehicle in the new year.

While the survey showed that two out of five families are likely to invest in equities or mutual funds, one in seven families said they would spend on gold, diamond, silver or other types of jewellery.

Despite the health crisis, only one out of six families said they would increase their health insurance coverage in 2022, the survey said.

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