The rural demand has gone down by 48% this year compared to the last year due to
Thanks to high prices of daily food items, coupled with education cost and grim job market scenario, middle and lower income families to spend less by 43% this festive season than last year, reveals the ASSOCHAM latest survey.
The survey was carried in the month of October in major places like Delhi, Mumbai, Kolkata, Chennai,
Over 67% of Delhiites from the middle and lower income group families said that steep rise in the prices of daily food items, costly education, less opportunity of jobs and salary packages shrinking over the last year will make their festive seasons dull this year.
In curtailing festive spend their expenses, Delhi ranks first followed by Ahmedabad (second), Mumbai (third) Chandigarh (fourth), Kolkata (fifth) and Chennai (sixth), adds the survey.
Last year, middle and lower
According to survey, about 56% of respondents said that they plan to spend less amount on this festive seasons as the prices of food items have gone up, 21% say that value of saving has gone down, while around 15% say that they are saving for big purchase and around 8% said that EMIs have increased.
Over 65% of the respondents said that if they plan to spend, it will only be in case there are high discount offers. Most of the respondents plan to cut down on personal expenses or go bargain hunting to keep their festive budgets in control. Over 54% of the respondents will buy only on sale or discounts, 27% will spend less on sweets, clothes etc, 12% will buy fewer gifts, 5% will
Only a small percentage feels that festivals are the time to splurge, even as discounts remain the biggest attraction for most buyers. Over 61% of the respondents said that if they plan to spend higher discounts will be the incentives for them, adds the survey.
“This year, Pulses, edible oil, milk, butter, sugar, dry- fruits, flour and labour charges everything that goes into making an irresistible sweet has turned dearer. So, everybody is feeling the pinch of rising cost of every commodity”, said Rawat.
On an average, only 42
The survey said that during this festival season, sweets and food items (90%), clothes (86%), and gifts (53%) were the top three planned purchases of