India 08.12.2023

Indian consumer trends: a balancing act between Immediate pleasure and rising health сonsciousness

Source: The DairyNews
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Indian consumer spending trends reveal a dual focus on immediate indulgence and preventive health measures. Despite financial instability, 50% of Indian consumers prioritize enjoying the present moment. Younger generations, especially urban Gen Z males, show a greater inclination toward indulgence, with 68% spending on clothing and accessories each month.
Indian consumer trends: a balancing act between Immediate pleasure and rising health сonsciousness
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However, spending habits are shifting among the younger demographic, with 60% of Gen Zs more likely to cut back on clothing and accessories in the next three-to-12 months. Meanwhile, the emphasis on preventive healthcare is on the rise, particularly among parents. Fathers allocate a significant portion of expenses to health and wellness products (43% in 2023), driven by the need for financial security in medical emergencies.

Mothers are also contributing to increased spending on health and wellness (46% in 2023), a notable surge from the previous year (26%). This trend extends across working and non-working mothers, surpassing non-parents. The focus on health and wellness spending is prevalent across city tiers, with 42% of urban consumers and 45% of Tier 3 consumers participating.

Saptarshi Banerjee, Senior Lifestyle Analyst at Mintel Reports India, emphasizes the importance of preventive healthcare solutions, such as spending on vitamins and minerals (VMS) and health check-ups. Brands offering tailored VMS solutions and catering to the needs of the entire, along with pre-packaged food options,for the entire family can capture the interest of parents, particularly mothers, who are increasingly investing in health and wellness products.
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