A UBS report unveiled that Indians are gearing up for extravagant spending this festive season, with a notable shift in payment preferences. Digital payments, once favored by 71 per cent, now stand at 58 per cent, while cash payments surged from 27 per cent to 35 per cent.
This change suggests a resurgence of interest in local and offline products, aligning with Prime Minister Narendra Modi’s ‘Vocal for Local’ initiative.
The report also indicates that 70 per cent of respondents anticipate increased festive spending, while 18 per cent expect it to remain stable compared to last year. However, 11 per cent foresee a slowdown.
Apart from gold and property, consumers show interest in apparel, fashion, home textile, electronics, and vehicles.
