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Spending on festivals: Where does India rank globally?
Are Indians able to stick to their budget when it comes to spending on festivals? Or do they go overboard?
According to a global survey conducted by money transfer giant, Western Union, most Indians plan their budget in advance, but not many are able to stick to it.
The survey also studied how many Indians, compared to other nationals, prefer cash to a physical gift.
Let's first see where India ranks when it comes to sticking to the budget.
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Spending on festivals: Where does India rank globally?
India
How many plan to make a budget this festival season: 87 per cent
When it comes to festival gifting, Indians don't practice what they preach.
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Spending on festivals: Where does India rank globally?
Mexico
How many plan to make a budget this festival season: 83 per cent
India is the most fiscally responsible country surveyed, with 75 per cent Indians budgeting for last festival season.
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Spending on festivals: Where does India rank globally?
Brazil
How many plan to make a budget this festival season: 77 per cent
However, budgeting aside, 72 per cent Indians spent more than they had budgeted.
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Spending on festivals: Where does India rank globally?
South Africa
How many plan to make a budget this festival season: 69 per cent
Indians are resilient, even though they haven't adhered to budgets in the last festival season, 87 per cent still plan to make a budget for future festival gifting.
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Spending on festivals: Where does India rank globally?
The United States
How many plan to make a budget this festival season: 69 per cent
The pressure to find the perfect gift for loved ones gets to Indians and their budgeting, as it does for people from Brazil, Germany, Mexico, South Africa, the UAE, the UK and the US.
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Spending on festivals: Where does India rank globally?
The United Kingdom
How many plan to make a budget this festival season: 66 per cent
Indians don't gift in the same spirit as they prefer.
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Spending on festivals: Where does India rank globally?
The United Arab Emirates
How many plan to make a budget this festival season: 59 per cent
More than half of Indians, fifty-one per cent, would rather receive a cash gift of Rs 1,000 over a physical gift of the same value.
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Spending on festivals: Where does India rank globally?
Germany
How many plan to make a budget this festival season: 42 per cent
However, when Indians eventually gift to family and loved ones, a majority (65 per cent) opt for a physical gift at the risk of overspending.
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Spending on festivals: Where does India rank globally?
South Africa
How many would like to get cash than a gift? 84 per cent
Indians like to make the lives of their children (36 per cent), mum (26 per cent) and dad (13 per cent) better, over spoiling their significant other (four per cent).
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Spending on festivals: Where does India rank globally?
The United States
How many would like to get cash than a gift? 83 per cent
This is in contrast to all the other countries surveyed, which gave greater priority to making their significant others' lives better (13-31 per cent).
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Spending on festivals: Where does India rank globally?
Brazil
How many would like to get cash than a gift? 70 per cent
"Indians may not have to empty their pockets to find the perfect gift after all," says Kiran Shetty, Regional Vice-President, Western Union, India.
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Spending on festivals: Where does India rank globally?
The United Kingdom
How many would like to get cash than a gift? 69 per cent
Giving cash is an easy way for gift givers to make their loved one's day better allowing them to purchase what they really want and need, he says.
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Spending on festivals: Where does India rank globally?
The United Arab Emirates
How many would like to get cash than a gift? 63 per cent
Gifting cash also helps better manage festival-related expenses, including the unforeseen costs associated with physical purchases - gift choice, transportation, wrapping and overall time constraints, says Shetty.
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Spending on festivals: Where does India rank globally?
Mexico
How many would like to get cash than a gift? 61 per cent
About 75 per cent Indians made a budget for last festival season's spending, but most didn't follow it. Only 28 per cent spent exactly or less than what they had budgeted, and 72 per cent exceeded their budget.
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Spending on festivals: Where does India rank globally?
Germany
How many would like to get cash than a gift? 55 per cent
More Indians are planning ahead when it comes to their future festival spending; 87 per cent plan on making a budget.
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Spending on festivals: Where does India rank globally?
India
How many would like to get cash than a gift? 51 per cent
Finding the perfect gift (21 per cent) was the number one worry among Indians. Overspending (18 per cent) is also high on the list, tied for second with seeing family (18 per cent).
Other top concerns include eating too much or being unhealthy (13 per cent), and work commitments (12 per cent).