Most Indian consumers (88 per cent of the total respondents) are planning to spend the most on travel and shopping more thoughtfully this year, according to a report by American Express. It added that 8-in-10 (87 per cent) Indian consumers agree that they are thinking about starting or restarting the tradition of traveling during the holiday season.
Looking forward to taking some time off for celebrating the holiday season with family (82 per cent), Indian consumers are planning on spending the most on travel and shopping more thoughtfully (88 per cent) this year, according to the report, titled ‘Amex Trendex’.
“With a desire to spend more quality time with loved ones, 8-in-10 (87 per cent) Indian consumers agree that they are thinking about starting or restarting the tradition of traveling during the holiday season as they agree that their fondest memories are from holiday family vacations,” American Express said in a statement.
It added that supporting the local economy is important for Indian consumers as 6-in-10 respondents are planning on spending more at small businesses this holiday season compared to 2021.
According to the report, highest amongst all the countries surveyed, 75 per cent Indian respondents want to plan a holiday event for family and/or friends this holiday season.
About 82 per cent Indian adults and 83 per cent Indian GenZers and Millennials are planning to celebrate the holiday season with family.
The report said consumers are taking steps to support their local communities during the holidays. “Ninety-two per cent surveyed Indians agree that they will be dining out at their favourite local restaurants to celebrate the holidays. Eighty-eight per cent Indian respondents agree that it has been a difficult time for small businesses, and they want to support them.”
It said that compared to last year, 70 per cent surveyed Indian GenZers and Millennials are more likely to shop at small businesses this holiday season.
“Eighty-six per cent of Indian respondents agree that having a go-to credit card would make their holiday spending easier. 70 per cent of the surveyed Indians are paying for items using a digital wallet to help cover holiday shopping expenses,” the report added.
Sanjay Khanna, CEO of American Express Banking Corp India, said, “We see two strong shifts in the Indian consumer’s spending patterns this holiday season. One, there is higher indulgence in experiences they would like to share with family and friends, and two, there is a shift towards more thoughtful gifting like sustainable products from local brands, thereby supporting smaller entrepreneurs or local shop owners.”
He added that the Amex Trendex report indicates that a majority of the respondents have expressed their intention to spend their holiday season by experiencing at least one event.
“Given that offline events have made a comeback, 62 per cent respondents are inclined towards music festivals, whereas 56 per cent are looking forward to a sporting event. With travel being all-time high, Indian consumers are planning to travel for events overseas. American Express will continue to empower our Cardmembers to make the most of this holiday season with our services and products to live newer experience,” Khanna added.
American Express in the statement said the Amex Trendex is a trend index that tracks how consumers, small businesses, and merchants are feeling about spending, saving, traveling and more. Data is sourced on a monthly basis in the United States and biannually globally, including in the United Kingdom, Australia, Japan, Mexico, India, and Canada.
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