Disposable income and consumption take a hit as inflation, tepid hikes keep real wages on the downswing
disposable income and consumption, and the scenario is unlikely to change much in 2025.
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The study calculated real wage growth after factoring in inflation based on the Consumer Price Index against average salary hikes by companies. In 2025, Deloitte said real wage growth is projected to improve marginally at 4% compared with 3.6% in 2024 due to moderation in inflation. Salary hikes for 2025 are likely to be slightly lower than last year. This is still below real wage growth in the pre-Covid period, such as 5.2% in 2019.
“With companies giving most of their employee salary hikes to the tune of inflation or marginally more, and best performers receiving only 1-3 percentage points more, it has been impacting people’s ability to spend,” said
Pradeep Bakshi, managing director at Voltas, the Tata-owned appliance manufacturer. “As a result, consumers are only resorting to need-based purchases and holding back discretionary spending which was prevalent before Covid.
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