46% of urban Indians say cost of living spiked compared to last 12 mths: Survey

A survey by market research firm YouGov on Thursday showed that 46% of urban Indians said their cost of living went up ‘a lot’ compared to the last 12 months, while 33% said it went up ‘a little’.

Over 1,000 respondents were polled online between June 7 and June 10, YouGov said, adding, “With inflation at its highest level in the past eight years, petrol prices spiralling and wholesale price inflation at a 30-year high, cost of living in India has gone up in the recent past.”

Retail inflation touched an eight-year high of 7.79% in April and eased to 7.04% in May.

The survey showed that over the last six months urban consumers had reduced spending most on clothing, fuel and eating out. Half of respondents in Tier I cities said cost of living had gone up ‘a lot’ compared to 44% and 43% of residents in Tier II and III city residents who said the same thing.

Purchase of new clothes topped the list of cutbacks, with over 35% respondents saying they had reduced spending on apparel and accessories. Over 30% said they had reduced spending on hobbies or leisure activities, and around 28% said they had reduced spending on eating out.

Nearly a third of respondents said they had cut expenses on petrol or diesel.

This behaviour was more pronounced in Tier I cities than others, YouGov noted.

A quarter of respondents said they had also cut down expenses on OTT platforms; again, this was more noticeable in Tier I cities, where 32% said they had done so in the last six months.

Fewer respondents reported cutbacks on essential food items (12%), broadband subscriptions (15%) and household essentials (18%). People also continue to spend on monthly phone bills, insurance, alcohol and tobacco.

Author: cryptoads

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