Soaring petrol prices hit pre-festive buying: Survey

Ahead of the festive season, the surge in petrol rates has left consumers scrambling and cutting household expenses to adjust with the price hike, a survey said.

“The festive season is nearing. Everyone wants to spend on gifts and do those much-awaited upgrades of the home appliances. But the roof-touching fuel prices have put a dent in the pre-festive season spirit,” citizen engagement platform LocalCircles said in its latest survey.

“It is a big burden on the middle-class Indians and many of them are scrambling and cutting household expenses to adjust with the rising fuel prices,” it said.

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78 per cent households have plans to reduce or have already reduced their discretionary spending like eating out, leisure travel, movies, shopping etc, the survey said.

The rest said that they will restrict their expenses by spending only on purchase of the basic items.