New Delhi, Nov. 25 -- Household spending patterns in India are witnessing a major shift from basic necessities towards asset-building expenditure, highlighted a survey report by the Economic Advisory Council to the Prime Minister (EAC-PM).

According to the findings, households are increasingly prioritising spending on Personal Goods and Cooking & Household Appliances over categories such as Clothing and Footwear, a trend visible even among the bottom 40 per cent of households.

It stated "Household spending is shifting from basic necessities like clothing and footwear towards asset-building expenditure on personal goods, and cooking & household appliances".

The report noted that this shift in consumption, driven by rising awareness, imp...