Consumer Behaviour & Optimism

Rachana Oza
Rachana Oza
from Ahmedabad
3 years ago

Consumer Behaviour & Optimism about Country’s economic recovery after COVID-19 This Pandemic Covid-19 has changed each & every aspect of our daily lives. Consumer Confidence, level of unemployment or cost of living has inclined People to spend less; And with many People expecting their household income to continue to fall in the coming months. A MC Kinsey & Company survey of consumers between April 10 & April 12 shows that 67% will cut spending, as over 52% feel their jobs are insecure and 85% were extremely concerned about their family’s safety. This will prompt them to spend on hand sanitizers, masks and immunity boosters rather than on fashion or travel. Now People will be more cautious while spending hard earned money on non essential or luxurious things. Below are some good points and interesting graph on Optimism by Katie Jones  (Writer –Visual Capitalist , Source McKinsey): “As Consumers grapple with uncertainty, their buying behaviour becomes more erratic. They have reduced spending on all non-essential products and services. But as each country moves along the COVID-19 curve, we can see a glimmer of increasing optimism levels, which in turn is linked to higher spending. “ “India’s consumers for example are displaying higher levels of optimism; with more household planning to increase spend.”Meanwhile, American Consumers are still more optimistic about the future than Europeans.” To summarize, every industry faces one universal truth; life after the pandemic will look significantly different. 

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