Lower-income groups not so hopeful this festival season sale: Report

While the e-commerce platforms have seen an uptick in their festival season sale to Rs 24,500 crore, the average user spending has come down significantly

Ahead of the festival season in India, a recent survey by UBS Securities India Private Ltd shows that affluent consumers are beaming optimism about spending. Still, the optimism is not shared by those belonging to lower-income groups. 

According to a LiveMint report quoting a UBS survey, there were fears that the Covid-19 pandemic would lead to a rise in the income inequality gap as one of its economic consequences. However, the fear of increased income inequality has been playing out for two years since the pandemic.

India's annual per capita income at constant prices remained below the pre-Covid level at