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Indian consumers are now more optimistic than they ever were during the whole pandemic and the lockdown period, according to a recent McKinsey survey, which found this would result in Indian consumers increasing their spending across categories in the months to come. “Net spending intent has improved across categories since March,” it said.
“The vast majority of Indian consumers have tried new shopping behaviours 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.
The survey found most consumers have been trading down or buying less expensive goods while they go for a shopping and the pandemic has resulted in several changes in the consumer behavior. Brand loyalty has gone for a toss as well.
For instance a consumer buying an expensive coffee brand would continue to have coffee but at a lower price point. The intent to spend has gone up by 30 per cent in consumers following the pandemic, the survey found.
Fibre2Fashion News Desk (DS)
Indian consumers are now more optimistic than they ever were during the whole pandemic and the lockdown period, according to a recent McKinsey survey, which found this would result in Indian consumers increasing their spending across categories in the months to come. "Net spending intent has improved across categories since March," it said.