Over 80% of households say there will be no major outlay in 2022: LocalCircle survey – World Affairs SRS

Over 80% of households say there will be no major outlay in 2022: LocalCircle survey

– World Affairs SRS

According to a survey of 47,000 households conducted by LocalCircle, four out of every five households in 2022 refused to buy a property or a four-wheeler. 78 per cent said they have no plans to buy jewellery.

Combining these with those who are not sure, only 15 per cent of households are looking to spend on property, cars or jewellery, meaning 4 crore households are spending big-ticket.

However, the demand was coming back, said Sachin Taparia, founder of LocalCircles, as one in seven families said yes to buy a residential property and one in six was willing to buy a four-wheeler. “…Despite the Omicron-led third wave, the economic disruption will only be temporary.”

Six per cent of households planning to buy an electric vehicle were marginally behind those interested in buying a petrol car. Three per cent were willing to buy a diesel car.

The survey highlighted that more people plan to buy stocks and mutual funds instead of investing their money in savings deposits or gold. This may be due to the fact that only 20 per cent of the respondents were from Tier 3, 4 cities and rural locations.

Despite COVID, the overwhelming majority (67%) wanted to retain their health insurance, and only 15 percent wanted to increase the coverage amount.



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