COVID-19 impact: Indian consumers exercise greater decision-making in buying, spending after pandemic outbreak: Deloitte
Consumers are no longer rushing about being home stocked with more than they immediately need.
Globally, Deloitte unveiled a 30-day analysis-based consumer survey defining the current persona of the India consumer to be ‘conscious, tech-savvy and an empowered shopper in COVID-19 times.
With a data driven overview, the survey highlights the current state of India consumer who is anxious about health and safety at one end and is also trying to stitch up a plan of the new normal.
Consumers from a majority of the surveyed countries intend to shift their share of wallet to less discretionary items. For more insights, delve into our article on Global State of the Consumer Tracker: https://t.co/gIfVMSU6lu pic.twitter.com/5JPtHo4CVq
— Deloitte (@Deloitte) May 26, 2020
Given the power of digital connectivity and the numerous efforts of strategic decisions recently announced by the Centre, the domestic consumer is gearing up to take informed decisions in financial spending ensuring a fair balance between demand fulfilment and personal safety.
The consumption patterns reflect the consumer is carefully evaluating need versus wants of products and services in the current lockdown state as stated in the Wave-3 of the Deloitte Global State of the Consumer Tracker .
Commenting on the survey highlights, Anil Talreja, Partner and Leader, Consumer Industry, Deloitte India said
“The survey gives a pulse of the consumer behaviour and trend during these challenging times. It gives a reflection of the heightened consumer apprehension, which are at the core of their decision-making. This, in turn, will also steer consumer product companies to build their new strategies around sales and marketing. Building value for brands virtually is going to be another task that companies would need to focus in the future”.
India insights show consumers are conscious
Spending pattern of the consumers has changed over the last six weeks with 55 percent respondents willing to spend a lot more on less discretionary items like groceries, 52 percent on everyday household goods, 31 percent on healthcare, 47 percent on medicines and 46 percent on home internet/mobile phone vis-à-vis discretionary items like Cable TV (31 percent) and Entertainment (29 percent) which shows the intention to get back to normal lifestyle.
Vocalforlocal sentiment arise: In wave-3, 72 percent consumers want to buy from locally sourced items going forward which goes on to show the trust built by Kiranas during lockdown.
Consumers are no longer rushing about being home stocked with more than they immediately need. This intention has reduced from 78 percent in wave-2 to 66 percent in wave-3 and shows that the consumer is slowly taking conscious and not drastic decisions.
Nearly 64 percent of consumers said they will buy from brands that have responded well to crisis. The India shopper is thus loyal to the demand fulfilment and authenticity of brands much more than brand loyalty during crisis.
Consumers are tech-savvy and empowered
Intent to use digital services has seen a rise with 44 percent respondents very likely to use it for groceries, 27 percent for virtual doctor appointments, 36 percent for exercise programs, 52 percent for video conferencing with family and friends, 47 percent for streaming entertainment and 53 percent for payment apps/services.
Online vs offline: As many as 51 percent respondents feel the trend of online buying and pickup in-store is a safer option, while 37 percent respondents feel that it’s faster than shopping in the store
Consumer mobility (vehicle ownership preference over public transport): Nearly 77 percent consumers want to limit the use of public transit and 70 percent avoiding ride hailing options altogether and 79 percent consumer have an intention to own a new vehicle and 73 percent say they like to keep the current vehicle.
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