Indian consumer trends: a balancing act between Immediate pleasure and rising health сonsciousness
Source: The DairyNews
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.
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.
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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