Rising petrol, diesel prices make households in top-10 cities budget-conscious: Survey
Budget is the most significant factor for households in Bengaluru, Chennai, Gurugram, Kolkata, Pune, and Ahmedabad.
A majority of households (about 60%) in the country’s top ten cities are spending during the current festive season. However, the buyers have become more budget- or value-conscious due to rising gas and diesel prices, as well as increased prices of commodities.
In its ‘Mood of the Consumer’ national survey, which included over 61,000 homes across the top ten cities, the online platform LocalCircles claims to have noticed a significant improvement in consumer spending.
As per the study, the percentage of households intended to spend over the festive season of 2021 increased from 30% in May to 60% in September, as Covid-19 instances decreased dramatically and economic confidence rose during these four months.
“In the last 30 days, most households from these top-10 cities have been sharing their concerns about rising fuel and essentials prices, as well as their perspective on budget when purchasing during this festive season in the various online communities on the LocalCircles platform,” said LocalCircles founder Sachin Taparia.
According to him, inhabitants of seven of the top ten cities in the poll selected budget as their top buying factor as a result of this.
The LocalCircles survey includes Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Ahmedabad, Pune, Gurugram, and Noida, with over 1.95 lakh responses from over 61,000 homes across these cities, according to the company.
Survey findings
“Budget is the most significant factor for households in Bengaluru, Chennai, Gurugram, Kolkata, Pune, and Ahmedabad; whereas, ‘Safety’ is more important for homes in Hyderabad, Delhi, Mumbai, and Noida. For residents of Noida, Mumbai, Pune, and Ahmedabad, ‘convenience’ is also a major consideration.
According to the survey, at least one out of every two inhabitants in the top eight cities out of ten are ordering online for home delivery for the majority of their holiday shopping.
While the majority of families in Mumbai and Kolkata are likely to visit stores and marketplaces as their primary channel for festive shopping, according to LocalCircles, the majority of households in other top cities are likely to order the majority of what they need for home delivery.