Economic impact of coronavirus has made consumers more likely to track spending: Survey

Thanks to the ongoing novel coronavirus pandemic, consumers have become more careful about their spending, found a survey by Standard Chartered. "Consumers globally, and in India, are being more careful with their spending and want new ways to track their money digitally," the survey found. About 76 per cent of the respondents in India (62 per cent globally) said that the economic impact of COVID-19 has made them more likely to track their spending

Even though consumers are being cautious about spending, respondents from India (about 78 per cent) were the most enthusiastic of any country surveyed now about online shopping than they were prior to the pandemic.

The study of 12,000 adults across 12 markets - Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK and the US - is the second in a three-part series, looking at how COVID-19 has transformed consumers' way of life, and what changes could be here to stay.

Here are more findings from the Standard Chartered survey.