Skip to content
TechVibe

TechVibe

  • Home
  • Web3
  • Technology
  • Health
  • Business
  • Sports
    • Cricket
    • Football
  • Press Release
  • Contact Us
  • Toggle search form

Rephrase the title:‘Confident’ Indians might splurge on big-ticket items in 2024

Posted on December 7, 2023 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:


  • Indian households to have disposable income in 2024 with lower inflation & strong real income growth outlook.
  • Consumer confidence index is back to its pre-Covid levels, up from its lows in 2020.
  • India’s unemployment rate was stable over the year, at 7%, boosting consumer confidence.

The ghost of the pandemic is now a thing of the past. Consumer confidence index which hit a five-year low in 2020, has been on a recovery in 2023 and has returned to pre-Covid levels. This might push consumers to spend on big-ticket items, says Fitch Solution company BMI.

“We hold a positive outlook for consumer spending in India over 2024, as the wider Indian economy recovers and growth figures return to a more stable medium-term trajectory,” says BMI in its ‘India Consumer Outlook’.

Household spending in India will post strong growth over 2024, says BMI. Real household spending is expected to grow at 6.7% y-o-y over the year — an uptick from the 6.5% y-o-y growth estimated for 2023.

“This is supported by growing domestic demand as well as the expected recovery of wider international tourism,” the report said.

Indian economic forecast

Particulars 2023 forecast 2024 forecast 2025 forecast
Real GDP 6.3% 6.7% 6.5%
Unemployment 7% 7% 7%
CPI Inflation 5.8% 4.7% 4%

Source: National Statistics, BMI

Faster growth, benign inflation

The Indian economy is expected to grow at a real rate of 6.3% in 2023. The Fitch team forecasts it to grow faster at 6.7% year-on-year. Moreso, inflation worries are easing, allowing households to splurge more.

Inflation is expected to hover around 4.7% in the next year whereas 2023’s inflation numbers are pegged at 5.7%. “Inflation is moderating and strong showings in real income growth for Indian consumers will give greater propensity for household spending growth,” BMI says.

Moreover, India’s unemployment rate is also stable over the year, at 7%, boosting the confidence in spending habits.

Lower debt levels

Unlike most nations, Indian household debt has been steadily decreasing, to 36.5% as of Q1 2023. This decrease is due to the recovery from the acceleration seen in household debt during the Covid-19 pandemic period, where households took on debt to support themselves.

“These levels are still relatively low and pose little threat to our consumer outlook for the market,” BMI adds.

As household debt decreases, a part of the disposable income which is used to service debt can be used for purchases.

However, if the interest rates go up in the next three years, higher income households might have to allocate disposable income towards debt financing, placing downward pressure on consumer spending going forward.

SEE ALSO

Gold rush: Don’t recycle or book profits yet, another bull-run on the way say analysts

Stellar listing gains: Book profits if there are bumper gains say experts

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:consumer confidence, consumer outlook, consumer spending, household debt, household spending

Post navigation

Previous Post: Rephrase the title:Revolutionary SHEATH Implant Offers Game-Changing Treatment for Type 1 Diabetes
Next Post: Rephrase the title:Apple MLX: New AI Framework, Model Released as Open Source, Meant to Run on M-Series, Silicon Chips

Related Posts

Rephrase the title:Byju’s aims to raise $200 mn via rights issue at drastic valuation cut Business
Rephrase the title:Pesticides are leaving lasting behavioural changes through generations of fish, study finds Business
Rephrase the title:PM Modi announces ₹100 cut in LPG cylinder price Business
Rephrase the title:Xiaomi 14 and Xiaomi 14 Ultra with Snapdragon 8 Gen 3 launched in India Business
Rephrase the title:Bulls back on D-Street after New Year break Business
Air India Express crew members claim to be mentally harassed and request government intervention Business

Recent Posts

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions
  • Mocaverse to Develop Decentralized Social Layer
  • Expansion of Web3 Fueled by Hong Kong’s Financial Secretary

Categories

  • Business
  • Cricket
  • Football
  • Health
  • Press Release
  • Technology
  • Web3

About Us

Welcome to TechVibe9, where the rhythm of technology meets innovation! We are a group of tech enthusiasts on a mission to uncover and showcase the latest in the tech world.

Mail Us : support@techvibe9.com

Latest Post

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions

Helpful Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © TechVibe9

Powered by PressBook Masonry Dark