As per the research by global management consulting firm Boston Consulting group (BCG) conducted between May 23 and May 28, 2021, covering around 4,000 respondents across metros, tier I, II, III, IV and rural India, 51 per cent of consumers expected their spends over the next six months to be lower.
Consumers are more anxious since the outbreak of coronavirus pandemic in India and more doubtful about economic outlook in future. Many consumers think that their income in the next six months will be lower than the pre-COVID levels, added a study.
83 per cent of the respondents said that coronavirus brought a biggest threat to their jobs or businesses, while another 86 per cent thought that there would be a recession due to the pandemic.
In case of income, 58 per cent of the respondents expected a decline in income in the next six months. It also found that 76 per cent of respondents who are struggler, expected income lower than the pre-COVID level, while 60 per cent of the aspirant also felt the same. However, only 49 per cent ‘affluent/elite’ expected decline in income in the next six months.
78 per cent of the eligible consumers from the big towns said that they were very willing to take the vaccine now compared to 62 per cent earlier. The same percentage for rural areas stands at 63 per cent now compared to 41 per cent earlier, it said.
“Now that we have been in the crisis for over a year, the shape of a new normal for consumer behavior is also beginning to emerge. Many of the newly adopted behaviors ranging from social commerce, online shopping, digital content/ payments have continued to stick,” BCG India, Centre for Customer Insight Lead Kanika Sanghi said.