HCIN releases 1st edition of ‘The Indian Wallet Study 2023’

Jammu Tawi: Home Credit India (HCIN), a local arm of the leading global consumer finance provider, released the first edition of its second in-house annual consumer survey – The Indian Wallet Study 2023: Understanding Financial Behaviour & Well-Being of Consumers. The study concluded that consumer sentiments of the low-income population in the urban and semi-urban space is quite buoyant about the economy. As economy is growing, income level has increased for the 52% of the low-income urban consumers last year and 76% are expecting their income to increase in the coming year, with better saving for 64%. However, despite increase in income, consumers are highly cautious when it comes to non-essential spending, with 70% saying that such expenses have either not changed or even decreased in the last year. Speaking on launch of the new consumer study, Ashish Tiwari, Chief Marketing Officer, Home Credit India, said, “We have been keeping a finger on the pulse of consumers and have been publishing a very successful and sought after annual study “How India Borrows” which is focused about the borrowing behaviour. However, we did feel that we need to go extra mile to understand the relationship of money with consumers better. The Indian Wallet Study 2023 is the product of this thought that in post-Covid world, financial landscape and consumer behaviour has transformed and we need to look at understanding it for the next billion consumers – urban lower-middle class. The key insights of the first edition of the study, point at the positive consumer sentiments, spending & savings behaviour, Tier 1 cities becoming income hubs for low-income population and such consumers embracing digital payments well.”