Even as Indians increase their spending with the easing of lockdowns, over 90% of respondents in a survey said that the pandemic has made them more careful with expenditure as against 75% of global respondents.
Indians are being increasingly careful with money despite many of them (56%) reporting a spike in spending in July compared to global peers (46%). According to a survey conducted by Standard Chartered Bank, 76% of survey respondents in India said that the economic impact of Covid-19 has made them more likely to track their spending.
The study of 12,000 adults across 12 markets — Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, the UAE, the UK and the US — is the second in a threepart series. According to the survey, India has the most respondents (78%) who are positive about shopping online versus 64% globally.
Another area where India topped the list among positive responses was in cashless spending with 87% of respondents saying that the country will go cashless in five years versus 64% globally.
In India, 64% of people say they have spent less on travel/ holidays than they did before the pandemic (64% globally), while 30% have spent less on experiences (41% globally) and 56% have spent less on clothes (55% globally).