Lucknowites Registered Growth In Average Personal Monthly Income, Spend More On Home Appliances
Lucknow emerges as a significant market for home appliances, following Chennai, Bengaluru, and Hyderabad, with 18% of consumers investing in such purchases
The average personal monthly income in Lucknow has increased by Rs 4000 in the year 2024. Compared to average income of Rs 25000 in the year 2023, it has now become Rs 29000.
According to the The Great Indian Wallet’ study conducted by Home Credit India, the people in Lucknow spend more on purchase of home appliance and less on travel & dining out. When it comes to essential monthly expenses, people in Lucknow spend the most on grocery, commuting and children’s education. After Chennai, Bengaluru and Hyderabad, people in Lucknow (18%) spend most to buy home appliances.
The Great Indian Wallet study was conducted across 17 cities including Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Pune, Lucknow, Jaipur, Bhopal, Patna, Ranchi, Chandigarh, Dehradun, Ludhiana and Kochi. The sample size was approx. 2500 in the age group of 18-55 years, with an annual income between Rs. 2 lakhs to Rs 5 lakhs.
Speaking on the findings, Ashish Tiwari, Chief Marketing Officer, Home Credit India, said: “The Great Indian Wallet study serves as our compass, guiding us through the intricate landscape of consumer financial behaviour each year. By delving into the underlying behavioural trends, we gain valuable insights into household financial stability and the potential risks associated with technology in financial transactions.
As per The Great Indian Wallet study, region wise, in 2024, Lucknow witnesses an increase in the average personal monthly income, rising to 29k from 25k in 2023, whereas fixed monthly expenses also climb to 18k from 14k in 2023. Despite this, 47% of respondents manage to save after covering their fixed expenses. Essential monthly outlays in Lucknow are dominated by expenditures on groceries (25% and rent (21%), with significant allocations towards commute (20%) and children’s education (13%). When it comes to discretionary spending, preferences lean towards local travel and sightseeing (17%) and dining out (14%). Over the past six months, 50% splurged on clothing and accessories. 68% expressed awareness of online financial fraud, with 22% falling victim to such schemes. Interest in innovative financial services like ‘Credit on UPI’ stands at 44%, with 62% indicating they would discontinue UPI usage if charges were imposed. Additionally, Lucknow emerges as a significant market for home appliances, following Chennai, Bengaluru, and Hyderabad, with 18% of consumers investing in such purchases.
