Preventive healthcare spending seeing huge surge by Indian consumers: Mintel
Indian consumers are spending, as medical emergency costs continue to rise, a new report by research firm Mintel said.
The necessity to be prepared for medical emergencies has increased from 43 per cent this year, compared to 35 per cent in 2022. This trend of health and preventive wellness spending has gone up across city tiers, according to the report, and consumers across economic strata are prioritising health and wellness spending, the report noted.
“The majority of urban consumers (40 per cent) recognise the importance of investing in preventive healthcare solutions, such as spending on vitamins and minerals and health check-ups,” Mintel noted.
The report said even those with lesser disposable incomes are eager to invest in preventive healthcare to mitigate potential unforeseen medical expenses in the future.
About half the number of consumers in India are focused on making financial decisions for immediate gratification, the Mintel report also flagged. The report said the concept of indulgence varies with age and city tiers, with individuals over 45 years of age showing increased preference for spending on health and wellness, compared to other age groups.
The report added that 49 per cent women from tier 3 cities are allocating more budgets on beauty and personal care products.
“Consumers are seeking relief from ongoing stress amid rising prices due to global inflation. They are looking for affordable indulgences,"Saptarshi Banerjee, senior lifestyle analyst at Mintel said in the report.
However, Mintel said there’s been a shift in spending habits of the younger demographic, with 60% of Gen Z consumers more likely to cut back on clothing and accessories in the next three-to-twelve months, than on dining out
