Indian consumers are being careful with their spending and are cutting back across most categories, according to a survey by McKinsey & Company
McKinsey & Company carried out a consumer sentiment survey in India over three different periods. Each survey highlights a different aspect. The latest survey was conducted from April 10-13, prior to this it was conducted from April 2-6 and from March 27-30 as the extent of the virus began to unfold globally
Data suggests that with each passing week, consumer confidence is rising as the economy recovers after novel coronavirus, or COVID-19, led lockdown. As per the latest survey, nearly 60 percent Indians are optimistic about an economic recovery in two-to-three months.
Over 50 percent Indians continue to feel that there will be a loss in income and cut in savings while spending shrink further.
Indian consumers expect to spend more time engaging with live news, movies, reading news online and video content. Time spending in reading for personal interest and print news is likely to decline further.
Over 85 percent of surveyed Indians believes that the personal and financial impact of COVID-19 will last longer than two months
Data suggest that In India, the safety of family and overall public health is one of the top five concerns related to coronavirus. 85% of Indians are very or extremely concerned about their personal or family safety.
May 06, 2020