We are observing – Unexpected lockdown, the concern of increasing Covid-19 cases on a continuous basis, the confusion created due to process of extended lockdown and partial unlocking procedures, the concern of self & family health, sense of instability, fear of job security, financial security, economic slowdown – these and many such are the outcome of the current Covid-19 pandemic.
Consumers are experiencing lots of such ups and downs in this pandemic and getting adjusted to New normal life. Market Search India have recently conducted a consumer sentiment study among 500+ respondents across India and have come up with quite interesting findings.
Few insights are as below:-Consumers are stepping out only for essential products currently make prefer to buy other products onlineThey are willing to start in-store purchase for food & grocery immediately post lockdown but purchases of other non-essential products would be done at in-store only after 3-6 months. Whereas high-value purchases (jewelry, car, consumer durables), would get extended to beyond 6 months or 1 year.Very few consumers are quite optimistic about India’s GDP over the next 1 year.Consumers find that there would be a severe increase in the unemployment rate for the next 1 year. This is been felt by all consumers having/ not having insecurity about their current employment.Also currently unemployed consumers find there are less chances of getting a new job in the next 6 months.Employed consumers find it is less likely to get a good bonus/ raise this year and also income would decrease in the next 1-3 months.Consumers with no income change would not have any change in a financial investment except for loans where they would not invest.Consumers with an expected increase in income level and with no change in income level would increase their savings.Consumers with an expected decrease in income would reduce their expenses on most non- essential product purchases in the next 6-12 months.Though consumers find they would resume their normal day-to-day routine in the next 9 months, they would be curtailed down on their out of home activities.
Impact on expenditure level on different Product categories in near future:-
There are a lot many more observations that we have received as insights from the study.
We can conduct similar consumer sentiment or consumer confidence study across product segments. These deeper insights would help companies to take strategic decisions, plan marketing activities, design promotional campaigns as per the changing buying behaviour of the consumers.
Contact us if you would like to explore the dynamics of your consumer mind-set, we would be happy to help you.
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