MUMBAI: Consumers seem to be cutting back on discretionary spends, allocating more budgets to essentials and value purchases as a mix of war-driven uncertainty and layoffs have nudged people to tighten their purse strings and save more. Even as the US and Iran agreed upon a two-week ceasefire last week, the prospects of a peace deal faded as talks between the two countries held in Pakistan failed to produce desired results. Analysts said that caution will prevail until there’s clarity on a full-fledged de-escalation. “Post mid-March, discretionary offtakes slowed down,” said Satyaki Ghosh, CEO at Raymond Lifestyle, pinning hopes on the upcoming wedding season to support demand going ahead. “We are running some value-based offerings but no direct discounts as yet,” Ghosh said. Consumers are not just curbing overall spending at stores, but are also gravitating more towards affordable options and value-driven choices, prioritising essentials over indulgences, said Tarun Arora, CEO & whole-time director at Zydus Wellness, maker of brands such as Complan and Glucon-D which is looking at smaller and more accessible formats where relevant. People are not necessarily trading down although there is some tightening of spends with simpler routines and fewer impulse additions, said Shankar Prasad, CEO at D2C beauty brand Plum. “What we are seeing is a gradual shift in consumer preference towards essential categories, with relatively higher spends on everyday, need-based products, while discretionary and indulgent purchases have softened a bit, which is typically the case during periods of uncertainty,” said Mayank Shah, chief marketing officer at Parle Products. For the time being, the company is focusing on pushing value packs of premium products so that even indulgent purchases remain accessible, said Shah. The war-led surge in crude oil has already pushed up costs for companies with firms pointing to inflationary pressures and looking to implement price hikes. Many firms across spaces such as edible oils, bottled water, beverages and consumer durables have already taken some price increases, straining middle class households. Analysts at Nuvama expect a post-election uptick in inflation across the country. “Footwear players shall likely face margin pressure as roughly 30% of their raw material inputs are crude-linked. QSRs may also experience cost headwinds from increased energy, packaging and secondary input expenses,” they said in a recent note. Alongside price hikes, the job market is also likely to see a slowdown as some companies freeze hiring amid uncertainty while AI-led tech layoffs continue to bruise the salaried class. Unilever, for instance, has frozen global hiring for three months due to the war.

At a press conference in Westminster, Tice said Quidnet Reit Ltd was “a UK company paying UK tax in accordance with UK laws”, adding there was no “obligation” to pay the maximum tax required and suggested few people would likely take such a decision.

India has stepped up supply of smaller 5-kg LPG cylinders and accelerated the rollout of piped natural gas (PNG) connections to manage fuel availability amid disruptions caused by the Middle East conflict, with domestic supplies remaining stable, according to an official statement.More than 13 lakh 5-kg free trade LPG cylinders have been sold since March 23, with daily sales crossing 1 lakh units, as authorities expand access for migrant workers and low-income consumers, PTI reported.At the same time, over 4.24 lakh new PNG connections have been activated since March, with more than 30,000 consumers surrendering LPG connections as part of the transition.The six-week-long war in West Asia has disrupted global energy supply. India relied on import of half of its crude oil, 40 per cent of its gas and 85-90 per cent of LPG from the region, all of which have been impacted.While the country has managed to offset the shortfall in crude oil by sourcing from other regions, LPG supplies have been affected.The government has prioritised LPG supply to domestic households, reducing supplies to commercial users such as hotels and restaurants. To bridge the gap for those without subsidised LPG connections, it has increased supply of market-priced 5-kg cylinders.As against daily sales of about 77,000 5-kg cylinders in February before the crisis, volumes have crossed over 1 lakh per day in the last two to three weeks.The statement said domestic LPG supplies remain stable overall, with no reported stockouts and over 52 lakh cylinders delivered on April 11.Online bookings account for about 98 per cent of demand, while delivery authentication systems now cover 93 per cent of transactions to curb diversion.Commercial LPG availability has been restored to about 70 per cent of pre-crisis levels, supported by targeted allocations and increased supply measures. State-run oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — are coordinating with state governments to streamline distribution.The government has prioritised natural gas allocation, ensuring full supply for household PNG and CNG transport, while increasing supplies to fertiliser plants to about 95 per cent of recent average consumption, aided by additional LNG imports.City gas distributors, including Indraprastha Gas Ltd, Mahanagar Gas Ltd, and GAIL Gas Ltd, have been directed to prioritise PNG connections for commercial users, as part of a broader push to shift demand away from LPG.Refineries are operating at high utilisation with adequate crude inventories, and domestic LPG production has been stepped up. To shield consumers from rising global oil prices, the government has cut excise duty on petrol and diesel by Rs 10 per litre, while raising export levies on diesel and aviation turbine fuel to ensure domestic availability, the statement added.