Indian consumers are planning to spend less this festive holiday season and shift what they do spend to online platforms, according to data from McKinsey & Company.
One-half (47%) plan to spend less on this year's seasonal events like Black Friday and Christmas compared to last year. This compares to one-fifth (17%) planning to spend about the same amount while just one-third (36%) plan to spend more.
Around half of Indian consumers plan to spend less this festive season regardless of income level. However, lower income consumers (those with a monthly income below INR5,00,000) are least likely to...