{"id":14084,"date":"2020-06-03T08:47:48","date_gmt":"2020-06-03T08:47:48","guid":{"rendered":"https:\/\/yourchennai.com\/?p=14084"},"modified":"2020-06-03T08:47:48","modified_gmt":"2020-06-03T08:47:48","slug":"chennai-ites-increase-their-spends-on-indoor-entertainment-during-lockdown-indialends-survey","status":"publish","type":"post","link":"https:\/\/yourchennai.com\/index.php\/2020\/06\/03\/chennai-ites-increase-their-spends-on-indoor-entertainment-during-lockdown-indialends-survey\/","title":{"rendered":"Chennai-ites increase their spends on indoor entertainment during lockdown: IndiaLends survey"},"content":{"rendered":"
<\/div>

A recent survey by IndiaLends, a digital lending platform, has revealed that the pandemic has severely affected the financial health of salaried and professional individuals with 82% of respondents saying they are struggling to make ends meet.<\/p>\n

The nationwide survey of nearly 5,000 respondents threw up no surprises: 94% said they would have to be extra careful about how they spend their money in the next few months; 84% said they were cutting back on spending; and 90% expressed concern about their savings and financial future. Nearly 63% Chennai-ites said that they will increase their spends on entertainment, while 43% of them said that they will decrease their spends on furnishing and durables.<\/strong><\/p>\n

\"IndiaLendsSignificantly, the survey also revealed that the respondents would not be averse to taking a loan to tide over the present crisis – nearly 72% said they would opt for a personal loan in the immediate future to\u00a0meet high-priority expenses such as debt repayment, essentials\u00a0and medical,\u00a0education fees, and home repairs and\u00a0renovation. As per IndiaLends data, 71% of its customers had\u00a0existing loans\u00a0out of which\u00a045% had\u00a0applied for a moratorium due to their inability to repay their debts.<\/p>\n

IndiaLends Founder and CEO\u00a0Gaurav Chopra<\/strong>\u00a0said, \u201cThe\u00a0pandemic has changed the way we all function,\u00a0affecting\u00a0our physical, mental, emotional and\u00a0financial well-being. Salaried individuals and professionals, in particular,\u00a0are coping with the potential burden of job losses and pay-cuts. The impact on their income and savings has seen a growth in demand for retail loans. In these circumstances when finances are stretched and assets are not easily accessible, it is important for individuals to examine their financing options – such as personal loan or line of credit – and plan accordingly for the weeks and months ahead. To alleviate hardships of borrowers, we are making the application process easier and convenient, and ensuring quick disbursal of loans through a touch-less\u00a0and contact-less system.<\/p>\n

According to the IndiaLends survey, the economic uncertainty and the state of individual finances has also impacted investment with 76% of the respondents\u00a0said they are\u00a0in no position to consider fresh investments at this time.<\/p>\n

FUTURE OF EXPENSES<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
How will your expenses in the following categories be impacted post COVID19?<\/strong><\/td>\nIncrease<\/strong><\/td>\nDecrease<\/strong><\/td>\nWill remain unchanged<\/strong><\/td>\n<\/tr>\n
Essentials<\/strong><\/td>\n40%<\/td>\n27%<\/td>\n28%<\/td>\n<\/tr>\n
Apparel and accessories<\/strong><\/td>\n17%<\/td>\n63%<\/td>\n16%<\/td>\n<\/tr>\n
Travel\/ holiday<\/strong><\/td>\n9%<\/td>\n76%<\/td>\n11%<\/td>\n<\/tr>\n
Entertainment (out of home)<\/strong><\/td>\n12%<\/td>\n73%<\/td>\n11%<\/td>\n<\/tr>\n
Travel<\/strong><\/td>\n10%<\/td>\n75%<\/td>\n11%<\/td>\n<\/tr>\n
Luxury goods purchase<\/strong><\/td>\n10%<\/td>\n75%<\/td>\n11%<\/td>\n<\/tr>\n
Furnishing and durables<\/strong><\/td>\n12%<\/td>\n68%<\/td>\n15%<\/td>\n<\/tr>\n
Vehicle purchases<\/strong><\/td>\n11%<\/td>\n70%<\/td>\n14%<\/td>\n<\/tr>\n
Home rental<\/strong><\/td>\n25%<\/td>\n33%<\/td>\n37%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

As evident from the table above, 40% of respondents said their focus on expenses for essential items would increase,\u00a0while over 70% said\u00a0they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-COVID period.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent survey by IndiaLends, a digital lending platform, has revealed that the pandemic has severely affected the financial health of salaried and professional<\/p>\n","protected":false},"author":1,"featured_media":12878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,30],"tags":[954,16670,18572,17156,18573,18574,18576,18575,4428],"class_list":["post-14084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-companies-economy","category-news-business-political-national-realestate","tag-chennai","tag-covid-19-impact","tag-financial-life","tag-indialends","tag-indoor-entertainment","tag-nationwide-survey","tag-professional-individuals","tag-salaried","tag-survey"],"views":660,"jetpack_featured_media_url":"https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/IndiaLends-Logo.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/14084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/comments?post=14084"}],"version-history":[{"count":1,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/14084\/revisions"}],"predecessor-version":[{"id":14086,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/14084\/revisions\/14086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/media\/12878"}],"wp:attachment":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/media?parent=14084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/categories?post=14084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/tags?post=14084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}