Business News | Revised GST Rates to Ease Pressure on Household Budgets: PwC
Get latest articles and stories on Business at LatestLY. Household budgets across India are likely to see some relief following the recent revision in Goods and Services Tax (GST) rates, according to a report by PwC.
New Delhi [India], September 14 (ANI): Household budgets across India are likely to see some relief following the recent revision in Goods and Services Tax (GST) rates, according to a report by PwC.
The advisory firm noted that the rate adjustments are expected to make everyday expenses more manageable for consumers, offering a potential boost to overall consumption sentiment.
"With the revised GST rates, household budgets are likely to become more manageable," PwC said in a survey report.
The report added that about 63 per cent of consumers expressed concern over rising food prices.
Additionally, 44 per cent of respondents are buying in bulk, while an equal number have turned to growing their own food to counteract inflation.
The report added that nearly half of those worried about food costs are changing their shopping habits, opting for different stores, discount outlets, and promotional deals to stretch their budgets.
The survey found that 74 per cent of consumers in the report stated that their food choices were deeply rooted in cultural heritage and longstanding traditions. This suggests that companies that provide functional heritage foods (e.g. aam panna and jeera-flavoured drinks) which appeal to culture, tradition and nostalgia will have an edge.
The firms added that in its survey about 32 per cent of consumers said they were 'financially coping', while 7 per cent mentioned that they were financially insecure and struggling to pay bills.
"The GST relief is significant for families that previously faced fluctuations in vegetable prices and food inflation," the report added.
It further added that consumers are adopting money-saving behaviours such as shopping at different stores, switching to products with discounts or using coupons and promotions.
"Brands need to respond by institutionalising regular promotional cycles and enhancing loyalty programmes. These mechanisms not only support shortterm conversion but also foster long-term consumer retention in a volatile pricing landscape," the report added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)