Consumer outlook survey was made by KSA Technopack recently. In this survey 60,000 people from 20 cities of India were covered. That showed that citizens expenses towards food is declining and that for mobiles, internet and servant, which are status symbols, are on increasing. The new generation need mobile more than nourishment. In last 2 years, food bill is reduced 6% and that for mobiles and internet has shoot up 200%. Even today villagers spend 90% of his income on foods, whereas citizens are spending 28% for the same.
Upto the year of 2000, one used to save some part of one's income. Now we don't want to save. 3.7% of income was saved in different format during 2002-2003, which declined to 2.80% during 2003-04. Credit cards and payment facility in installments have been adopted by citizens. They overlook the interest to be paid for such transactions. For credit cards, the interest comes to be more than 5%.
In past, one land line phone was sufficient for a family of 5-7 persons. 2 landline phones in a home was just a dream. Now, every one needs a mobile. A penny saved is a penny earned! who cares.
Now-a-days, middle class is concerned mainly about children's education and health of family. High fees do not guarantee good education. In the same way, when someone in the family is ill, Doctors, Pathologists and Chemists are there to make sure the budget of the family gets disturbed.
Now if you wonder what part of his income, he is using after charity, the answer is disappointing.
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