Over 80% families say no to big spends in 2022: LocalCircles survey

Four out of every five families said no to buying a property or a four wheeler in 2022, according to a survey of 47,000 families conducted by LocalCircles. As many as 78 per cent said they don't have any plan to buy jewellery.

Combining these with those who are not sure, only 15 per cent families are looking to spend on property, car or jewellery, which translates to 40 million families doing big-ticket spending.

However, demand was returning, said Sachin Taparia, the founder of LocalCircles, since one in seven families said yes to buying a residential property and one in six families was keen on buying a four wheeler. “...despite an Omicron-led third wave, the economic disruption will only be temporary.”

Six per cent families were planning to buy an electric vehicle, slightly behind those interested in buying a petrol car at seven per cent. Three per cent were keen on buying a diesel car.

The survey highlighted that more people planned to buy stocks and mutual funds, instead of parking their money in savings deposits or gold. This could be due to the fact that only 20 per cent of the respondents were from tier 3, 4 cities and rural locations.

 Despite Covid, the overwhelming majority (67%) wanted to retain their health insurance, and only 15 per cent wanted to increase the coverage amount.