According to a report by American Express, most Indian consumers (88% of total respondents) plan to spend the most on travel and more thoughtful shopping this year. The report added that 8 out of 10 Indian consumers (87%) agree that they plan to start or continue a tradition of holiday travel.
Eager to spend time celebrating the holiday with family (82%), Indian consumers plan to spend the most on travelling and shopping more thoughtfully (88%) of the year now, according to the report titled 'Amex Trendex'.
"With the desire to spend more quality time with loved ones, 8 out of 10 Indian consumers (87%) agree that they are considering starting or restarting tourism traditions during the festive season. because they agree that their best memories are family vacations," American Express said.
Report added that supporting the local economy is essential for Indian consumers as 6 out of 10 respondents plan to spend more on small businesses this festive season than in the year 2021. According to the report, the highest among all surveyed countries, 75% of Indian respondents would like to plan an event for family and/or friends during the holiday season.
About 82% of Indian adults and 83% of GenZs, and Indian Millennials plan to celebrate the holiday with their families.
The report says consumers are taking action to support their local communities during the holidays. "92% of Indians surveyed agree that they will dine at their favorite local restaurants to celebrate the holiday. 88% of respondents in India agree that this is a difficult time for small businesses and they want to support them. »
He said that compared to last year, 70% of Indian GenZs and Millennials surveyed are more likely to shop from smaller businesses during this festive season. "86% of Indian respondents agree that having a required credit card makes holiday spending easier. 70% of Indians surveyed pay for items with a digital wallet to help cover holiday shopping," the report added.
Sanjay Khanna, CEO of American Express Banking Corp India, said: "We are seeing two significant shifts in spending habits of Indian consumers this holiday season. Firstly, people love the experiences they want to share with family and friends more, and second, there is a tendency towards more thoughtful gifts like sustainable products from local brands. , thereby supporting local small businesses or shop owners. »
He added that the Amex Trendex report indicates that most respondents intended to spend their holiday season experiencing at least one event.
"As offline events return, 62% of respondents are interested in music festivals, while 56% look forward to a sporting event. With a record high number of trips, Indian consumers are planning to travel for events abroad. American Express will continue to empower our cardholders to make the most of this holiday season with our services and products for a new experience," added Khanna.
American Express, in its release, said the Amex Trendex is a trend indicator that tracks the thoughts of consumers, small businesses, and merchants on spending, savings, travel, and more. Data are collected monthly in the US and semi-annually worldwide, including the UK, Australia, Japan, Mexico, India and Canada.
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