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One in three households are expected to spend over Rs 10,000 this festival season, with footfall in stores rising 20 per cent, according to a survey by LocalCircles. The spending this year is likely to exceed $32 billion,
“Generally, these are households from upper middle-class or upper-class families along with a middle-class families making a major purchase during the festival season,” said the LocalCircles survey. “It is common for families to plan their major purchases during the festival season as many consider it to be auspicious.”
LocalCircles said attention must also be paid to the 35 per cent respondents in the survey who said that they do not plan to spend anything this festiveal season. “It is likely that many of the respondents in this category are experiencing a squeeze with high inflation, loss of livelihood or employment and are just getting by month to month,” said LocalCircles.
The results of this poll are indicative of the fact that the divide may be rising with a third spending robustly (Rs 10,000 or more), a third planning limited spending (up to Rs 10,000) and the rest not spending at all.
LocalCircles report said the Centre for Monitoring Indian Economy (CMIE) had reported that the consumer sentiments decreased in August after rising in July.
LocalCircles said many households have been feeling the squeeze from high fuel prices, price of essentials, and commodities most of this year.
At the same time, there are other affluent households with high disposable incomes.
To understand from household consumers how they are likely to spend during this season, beyond their regular monthly household spending, LocalCircles conducted an extensive national survey. It received over 58,000 responses from household consumers located in 362 districts of India. 64 per cent respondents were men while 36 per cent were women. 44 per cent were from tier-1, 33 per cent from tier-2 and 23 per cent respondents were from tier-3,-4 and rural districts.
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