mckinsey: Consumer optimism in India reaches April levels, net spending improves too: McKinsey survey

Economy


Mumbai: Call it the festive mood or the hope of a Covid vaccine Indian consumers are now more optimistic than they ever were during the whole pandemic and the lockdown period a McKinsey survey has found.

The survey points out that this would also result in Indian consumers increasing their spending across categories in the months to come.

“Net spending intent has improved across categories since March. The vast majority of Indian consumers have tried new shopping behaviors and digital habits during the crisis and report a high intent to continue. Though most Indians are still waiting for indicators beyond the lifting of restrictions to return to normal out-of-home activities, more are engaging in them,” the survey said.

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Although the pandemic has resulted in several changes in the consumer behaviour the survey found. Most consumers have been trading down or buying less expensive goods while they go for a shopping. Also, the brand loyalty has gone for a toss claim the survey.

For instance a consumer buying an expensive coffee brand would continue to have coffee but at a lower price point.

Although the intent to spend has gone up by 30% in consumers post pandemic, the survey found.

About 58% of Indians were optimistic that the economy would bounce back in next two to three months. About 32% Indians were still unsure about the economy and thought it would take about 6 to 12 months for the economy to go back to normal. While 10% were pessimistic about the recovery and said that the pandemic would have lasting impact on the Indian economy.

Only Chinese consumers were as optimistic as Indian ones, the survey found. In China 58% consumers were optimistic, 38% were unsure and 4% were pessimistic.



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