In encouraging news, it has come out that the Indian consumer sentiment🤔 has improved despite worsening of the Covid-19 pandemic😷.
This has been reported by the Boston Consulting Group (BCG) which undertook the 5th round of its consumer survey analyzing🧐 the pandemic’s impact.
The BCG report covered around 3,000 respondents👨🦰 across metros and Tier I to IV cities from July 20 to August 2, 2020.
As per it, ☝️a new trend of “cautious living” has been fast emerging.
Consumers have been keen to resume their activities but only with a lot of caution🤨.
The revival is stronger among lower-income segments and lower-tier cities.
Around 44% of the surveyed consumers think their income💵 in the next six months will be lower than pre-COVID levels.
This figure is significantly lower than 57% in the survey’s last round conducted in May🗓️.
Similarly, when asked about spending💰, 42% consumers expected it to be lower in the next six months, compared to 53% in the last round.
The spending sentiment has also improved across many categories.
Along with essential items and health products, there is a rise in sentiment across segments such as apparel👕, cosmetics, auto and consumer electronics.
Not surprisingly, the travel segment✈️ continues to show little or no improvement at all.
E-commerce gathers pace
As per the survey, e-commerce platforms have gained around 20% new shoppers👨🏻💻 in the last 3-4 months.
Categories such as fresh foods🍅 and staples🍪 have seen an even faster acceleration with 40-50% new buyers.