ConsumerSignals: India Chapter
May 2026
This quarter’s ConsumerSignals indicates that consumers remain financially steady but far more intentional in their choices. Spending is shifting from how much to where it matters, with essentials protected, discretionary spend selective, and experiences becoming more premium than frequent. Even as broader auto intent softens, EVs stand out with rising momentum. The result is a consumer who is cautious, yet clearly willing to pay for value and differentiation.
Introduction
Consumers remain financially confident, supported by easing price-inflation concerns and higher savings. They are selectively increasing discretionary spend, favoring premium and experience-driven purchases, reflecting a mature, security-conscious yet indulgent mindset.
ConsumerSignals is an always-on platform pulsing 1,000 consumers across each of 20 countries monthly (including all major economies) to understand the underlying causes of financial sentiment and how that informs spending decisions, both big and small. Restlessly reinventing, we continue to refine our survey instrument regularly to stay on top of current trends while providing insights into longitudinal trends that may be more permanent.
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Leader speaks
“Indian consumers are entering a phase of calibrated consumption. They are becoming more mature and resilient, balancing aspiration with financial discipline and intentional decision-making. Households are not stepping back from consumption; they are becoming sharper about where value lies, prioritising essentials, upgrading experiences and deferring large commitments. Improved food frugality and stable savings behaviour reinforce this shift. At the same time, continued interest in EVs points to a growing focus on future readiness.”
- Anand Ramanathan, Partner and Consumer Industry Leader, Deloitte South Asia
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