New Delhi, Nov. 25 -- In a major shift in spending patterns, Indian households are investing in durable assets rather than basic necessities, according to a survey report by the Economic Advisory Council to the Prime Minister (EAC-PM).

Households are increasingly directing their spending toward personal goods, cooking, and household appliances, instead of categories such as clothing and footwear, a trend that is evident even among the bottom 40% of households.

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

The shift in consumption is driven by growing awareness, improved financial access, and ma...