According to a Boston Consulting Group (BCG) survey report, despite relaxations in the lockdown, concerns across health, economic situation, and daily lifestyle in India continue at similar levels. This report mainly focuses on the consumer sentiment in India during the period between April 30 and May 3 on the basis of over 1,300 respondents, which also highlights that over 50 percent of consumers continue to have a negative outlook on future income. Consumers have significant concerns around loan repayments. The report has noted that 86 percent of consumers are worried about servicing loans once the three-month moratorium ends.
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Data suggest that Indian consumer sentiment is almost similar to global markets as 85 percent Indians are trying to avoid public space as much as possible due to the coronavirus. However, 43 percent believe that the worst of the coronavirus is not over yet.
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The latest survey shows that new COVID-19 cases in India jumped by 2.4 times in just 10 days. The survey was conducted in the midst of a lockdown extension announcement and with many relaxations.
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Despite relaxations during the lockdown, concerns across health, economic situation, and daily lifestyle continue at similar levels.
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Over 50 percent continue to have a negative outlook on future income. The younger consumers and small business owners are more pessimistic.
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The current situation has also triggered a significant push towards the adoption of digital activities. There have been 20 percent additional new users reading news online, 70 percent and 40 percent new users shopping online for fresh food and staples respectively and 20 percent new users using digital wallets.
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The consumers do not think the removal of restrictions is a good signal for things being under control. Over 50 percent of consumers believe that the unavailability of vaccines and the number of new cases in India are the strongest indicators that the virus is in control.
