Net spending improves since April as consumers become optimistic: McKinsey Survey
By Retail4Growth Team | Retail4Growth Team | November 20, 2020
Consumer's capacity to spend has elevated by 30% since the pandemic, however, the survey indicates that people still wants to spend less on expensive items without caring much about the brand loyalty.
Consumers are seen to be more hopeful now in comparison to the whole lockdown period, resulting to an increase in their spending capacity.
According to the Mckinsey survey,“The net spending intent has improved across categories since March. The vast majority of 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.”
Even though the capacity to spend has elevated by 30% since the pandemic, the survey indicates that people still wants to spend less on expensive items without caring much about the brand loyalty.
It is also noted that 58% of the indian consumers are optimistic that the econony will revive in the next two to three months, 32% of them were of the believe that the economy will take abother 6 to 12 months to get back to normal while 10% are still not positive about its revival, as per the report.