Festive Shopping to Boost Indian Economy This festive season, Indians are planning to spend more than ever, as per a recent report by UBS released on Wednesday. 

The report, which surveyed 2,000 Indians from 10 cities, found that 70% of them intend to increase their spending, with an average rise of 15% this year. Cash Payments Preferred over Digital The report also showed a preference for cash payments over digital ones, with the former increasing from 27% to 35% and the latter decreasing from 71% to 58%. This indicates a tendency to buy more local and offline products, which could support Prime Minister Narendra Modi’s “Vocal for Local” campaign. Local Businesses to Benefit The preference for cash payments is also a boon for local businesses, which may not accept digital payments. Moreover, the rise in festive spending is expected to stimulate the Indian economy. Recommendations for Businesses The UBS report has several implications for businesses. 

First, businesses should offer attractive deals and discounts during the festive season to lure customers. 

Second, businesses should facilitate cash payments, especially for local customers. 

Third, businesses should invest in marketing and advertising campaigns to reach out to potential customers during the festive season. 

Summary The UBS report suggests that Indians are eager to splurge on festive shopping this year, with a growing inclination to buy local and offline products. This is a positive sign for the Indian economy and could increase the sales of local businesses.