Demystifying the Indian consumer behaviour has been saved
Demystifying the Indian consumer behaviour
Gleam of festivities overpowering the pandemic-induced gloom
As the global economy is gradually transitioning from the respond phase to the recovery phase, India is also looking at riding on the festive wave and positive consumer sentiments to return to normalcy. Between the complete lockdown, the relaxed stayat-home orders, and the gradual unlocking of the economy, quite a few things have changed in the consumer industry landscape and economic activity has picked up. Although economies across the world are in various stages of re-opening, workplaces and factory floors in India have again started bustling with increasing levels of activity. However, the normal acts of visiting a store, eating out, staying in a hotel, or taking a flight have become a cause of concern for people across different age groups. Consumers are likely to spend with caution and save more to prepare for worse times. On the other hand, businesses will likely be averse to investing in capital-intensive projects and have curtailed hiring due to economic uncertainties. The journey to resume normalcy seen before COVID-19 hit the economy will be fraught with challenges related to personal and financial well-being. The interplay between personal safety and consumer sentiment is affecting consumers’ spending behaviour.