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Spending on festivals: Where does India rank globally?

Last updated on: December 12, 2011 13:28 IST

Spending on festivals: Where does India rank globally?

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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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Image: Majority of Indians plan their budget in advance.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: Skiers are seen on a slope after a snowfall in Gulmarg, west of Srinagar.
Photographs: Reuters
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Spending on festivals: Where does India rank globally?

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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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Image: A hot air balloon floats next to the Sun pyramids of Teotihuacan outside Mexico City during a festival.
Photographs: Reuters
Tags: India , Mexico

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Spending on festivals: Where does India rank globally?

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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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Image: Surfers ride the waves in Marajo Bay near the mouth of the Amazon River.
Photographs: Reuters
Tags: , Brazil , India

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Spending on festivals: Where does India rank globally?

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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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Image: A rare white lion peers at a vehicle at the Lions Park near Johannesburg.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: The Sonic the Hedgehog balloon floats down Central Park West during the 85th Macy's Thanksgiving day parade in New York City.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: A performer dances in the street parade at the annual Notting Hill Carnival in central London.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: An Olympic-sized ice rink at the Dubai Mall.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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.

Click NEXT to see countries that would rather have cash than a gift...


Image: Christmas illumination is pictured at Kurfuerstendamm shopping mall in Berlin.
Photographs: Reuters
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Spending on festivals: Where does India rank globally?

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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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Image: A kite surfer gets airborne in front of the stranded bulk carrier Seli 1 off Cape Town's Blouberg beach.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: A woman looks at shoes while shopping in Macy's department store in New York City.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: People gather at the statue of Christ the Redeemer, lit by a blue light, on the eve of World Autism Day to commemorate the annual event in Rio de Janeiro.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: A model poses for a photograph in the World Vision Garden on press day at the Hampton Court Palace Flower Show at Kingston-upon-Thames in south west London.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: Aerial view of Dubai Marina.
Photographs: Reuters

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Spending on festivals: Where does India rank globally?

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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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Image: Men from Papantla perform the flying rope ritual by descending from the top of a 30-foot-high wooden post during the cultural carnival in Valparaiso.
Photographs: Reuters
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Spending on festivals: Where does India rank globally?

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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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Image: A reveller takes part in the traditional Rose Monday carnival parade in the western German city of Duesseldorf.
Photographs: Reuters
Tags: , Germany How , India

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Spending on festivals: Where does India rank globally?

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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).


Image: Foreign tourists visit the Taj Mahal in the tourist city of Agra.
Photographs: Reuters
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