Middle and lower income families are likely to spend less this festive season thanks to inflationary pressures as well grim job market scenario.
A recent survey by industry body Assocham on "High prices dampen festive spirit" shows that over 69 per cent of Ahmedavadis from the middle and lower income group families said that steep rise in inflation, less opportunities of jobs and salary packages shrinking over the last year will make their festive seasons lackluster.
Delhi ranks first in curtailing their expenses followed by Mumbai (second), Ahmedabad (third) Chandigarh (foruth), Kolkata (fifth) and Chennai (sixth).
The quick survey done by Assocham found that during last year middle and lower middle income families on average spent nearly 29 per cent of their salary on Diwali for shopping, sweets, gifting etc.
This year, however, an overwhelming majority of middle and lower families in the country will be forced to rip their spends this festive season than the last year mainly because of persistently rising inflation. They have slashed their festive budget to meet first their monthly expenses, the report reveals.
The survey was conducted in a period of two months beginning August to September 2012 in major places like Delhi, Mumbai, Kolkata, Chennai, Ahemdabad, Hyderabd, Pune, Chandigarh, Dehradun among other cities.
