High inflation and the uncertain economic environment has hit festive season spending, especially among the middle class, a survey conducted by global research firm Ipsos has found.
According to the report, "Mood of the Nation Survey", around 78% of Indians said that their planned expenditure during the festival season is less than Rs. 10,000.
"High inflation and an uncertain economic environment are some of the main reasons for buyers cutting down on spending," said Biswarup Banerjee, head of marketing communication, Ipsos in India.
Sweets and food items (90%), clothes (86%), gifts (53%) and electronic goods (30%) are the top four planned purchases during the festive season. Only 5- 6% people planned to buy cars and bikes, the survey added.