Mumbai: According to the July 2023 report of Ipsos Essentials, at least two in three urban Indians polled, who do not own homes, are concerned they will never be able to save enough to own a house. Interestingly, the majority of global citizens polled and citizens across the 15 markets polled, echo similar views. The views were particularly pronounced among the citizens of the UK (77 per cent), Mexico (73 per cent), Australia (72 per cent), Brazil (71 per cent), Canada (71 per cent) etc.
Perceived personal risk for Inflation
It’s a mixed bag: While 36 per cent feel high risk due to inflation; 40 per cent feel vulnerable due to inflation and 23 per cent feel insulated from inflation.
Ipsos India country service line leader, market strategy and understanding Archana Gupta elucidating on the topline findings said, “We see a bit of a paradox. While citizens are concerned about lack of finances for investing in the purchase of homes, at the same time, we see some improvement, as the perceived risk of inflation and price pressures seem to soften.”
We see a gradual upward movement in expected spending, especially for non-essential categories.
Trendsetters (those most likely to search for and experience novelties) report spending more in non-essential categories compared to the rest of consumers. This is the average for 29 markets.
Financial setbacks, reduced ability to save, and worries about paying bills loom because of increased mortgage rates
Rising mortgage rates forewarn the likely negative impact on consumer spending (This is the average for 29 markets).
This is the average for 29 markets.
Summarizing on the findings of the survey, Gupta said, “Consumers’ spending outlook signals potential for economic recovery, but housing costs are beginning to absorb spending power.”
Ipsos Essentials monitors how people across the globe navigate the new rules of engagement and the resulting impact on their state of mind, state of wallet, and future intentions. Each month Ipsos surveys consumers in 15 countries, including Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, South Africa, South Korea, Spain, the UK and the US.
