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Indians breach limits for festival spending

According to a Wakefield Research survey commissioned by Western Union, 75% of Indians budget for the festive season, while 72% exceed their budget.

Apart from India, the Survey covered in Brazil, Germany, South Africa, UAE, UK and the US.

Describing Indians as resilient, the Survey said that although many preferred to receive cash, those offering presents preferred to gift material things at the risk of overspending.

“Indians do not gift in the same spirit as they prefer. About 51% of the respondents in India said they would prefer cash valued at 1000 to a physical gift of the same value. However, when Indians eventually gift to family and loved ones, a majority (65%) opt for a physical gift,” the Survey said.

Western Union India Regional Vice-President Kiran Shetty said cash was an easy option, offering the convenience to the recipients to choose items of their choice and avoid duplication.

“Gifting cash also helps to manage better the related expenditure, including unforeseen costs associated with physical purchases, such as choice, time, transportation and other factors,” he said.

The Survey found an increasing number of Indians were planning future spending, with 87% of the respondents saying that they were keen to have in place a ‘Festival Plan.’

“Indians may have good intentions, but many do not think that they would necessarily stick to a budget this year; 68% said they will spend more money than they have budgeted to find the perfect gift.

“Finding the perfect gift was a worry for 21% of the participants in the Survey, while 18% were concerned about overspending. Other top concerns included eating too much or being unhealthy and work commitments.”

Mr Shetty said that 88% of the respondents were keen to cut back on luxuries to meet the festival costs. Many may avoid expenditure on clothing, eating at restaurants and spending on entertainment.

“People getting cash are likely to spend wisely. About 31% of Indians surveyed would save or invest festival cash, while 24% would use the money for festival-related spending.

Despite the financial stress of the festival season, 65% are planning to donate to a charity. Most Indians prefer to donate clothing (34%), cash (32%), food (23%) and time (9%).

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