Indians' spending behavior indicates that they prioritise spending on sustainable products and making contributions to local businesses, according to the American Express Trendex report.
A Morning Consult poll survey was conducted from 8 to 13 March 2022, among a national sample of 1,998 in the US, 1000 each in Japan, Australia, India, UK, and 999 travelers each in Mexico and Canada. The survey was conducted among those who have a household income of at least $70K and travel by flights, at least once a year. Overall, the total sample size of the study included 7,996 global adults.
The survey revealed that 87 percent of Indian respondents "always or often purchased sustainable products" and 97 percent were interested in allocating their hard earned money towards creating a positive impact on local communities and businesses.
"Ever since the pandemic hit the world creating an irreversible impact on millions of people around the world, people are becoming increasingly mindful about the purchases they make and the impact that will create for generations to come."Manoj Adlakha, SVP and CEO, American Express Banking Corp India
The data for the Amex Trendex is gathered on a monthly basis from the US and twice a year across the world in the UK, Australia, Japan, Mexico, India, and Canada.
Key insights from the Trendex report:
Giving back to the environment:
About 98 percent of the Indians hope that companies would make it easier for their customers to reduce their carbon footprint.
Preferring sustainable products:
More than half of the Indians surveyed end up considering whether a particular restaurant has plant-based options available on the menu. For 96 percent of the Indians surveyed report that making sustainable choices when traveling, purchasing food or tech etc was a crucial goal for them in 2022.
GenZ/millennials more sustainability conscious:
About 75 percent of the Indian GenZ/millennials who were surveyed were more likely to purchase sustainable products in order to reduce their environmental impact. Moreover, about 72 percent Indians in this age group are more likely to discuss environmental issues and consequences of decisions with their children.
You can read the full report here.