According to a market research firm, majority of global citizens and citizens surveyed across 15 markets, shared similar views. The views were particularly pronounced among the citizens of the UK (77%), Mexico (73%), Australia (72%), Brazil (71%), Canada (71%) etc.

Intent to purchase a home has not improved despite inflationary pressures cooling down, Ipsos said.

“We see a bit of a paradox. While citizens are concerned about lack of finances for investing in purchase of homes, at the same time, we see some improvement, as the perceived risk of inflation and price pressures seem to soften,” Archana Gupta, country service line leader, market strategy and understanding, Ipsos India. “Consumers’ spending outlook signals potential for economic recovery, but housing costs are beginning to absorb spending power,” said Gupta.

Ipsos Essentials maps the impact of changing environment on consumers globally as well its resultant impact on their wallets and future intentions. Ipsos surveys consumers in 15 countries, including: Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, South Africa, South Korea, Spain, the UK and the US each month.

Meanwhile, commenting on overall intent to spend on non-essential categories, Gupta said there is a gradual upward movement in expected spending, especially for non-essential categories in India.

Globally, however, trendsetters (those most likely to search for and experience novelties) report spending more in non-essential categories compared to the rest of consumers. “Financial setbacks, reduced ability to save, and worries about paying bills loom because of increased mortgage rates. Rising mortgage rates forewarn the likely negative impact on consumer spending (This is the average for 29 markets),” Ipsos said.

Updated: 24 Aug 2023, 04:07 PM IST