Mumbai: With almost a year into the country being hit by COVID, Kantar (the world’s leading data, insights and consulting company) conducts a comb search into consumer psyche with The New Indian Consumer Report which is poised to aid major corporations with their go-to-market strategy rolling into 2021.
The report covers a robust sample of 10,000 urban consumers ranging between 15-55 age groups; across 15 Indian states. It captures critical aspects like consumer mindsets (attitude & fears), category consumption, entertainment, shopping, online behaviour and social media consumption, health and fitness and sentiments on returning to the ‘normal life”.
Speaking on the launch of the study Hemant Mehta, Managing Director, Insights Division & Chief Strategy Officer, South Asia, Kantar states, “The overarching theme this year seems to be around safety and security of- family, health, livelihood and finances. With 72% urban Indians having been economically impacted by COVID; there is a shift to a savings mindset as well. Most consumers have become cautious of what they spend on and actively lookout for deals/ discounts while making any purchases. However, they are willing to pay a premium for products that provide them convenience and makes their lives easier.”
- 72% urban Indians have been economically impacted by COVID
- The general sentiment is largely around fear and uncertainty about what the future holds:
- 52% consumers say they are financially worse off than they have been in the last year.
- Two-third Indians seem cynical about the situation getting better (if at all)
- Lower NCCS and town class seem more affected
- Eastern and Southern Indians seem more worried about the situation than the rest of India.
- Anxious state of mind: Returning to the ‘old’ normal may not be easy. Sustained out of home activities/ entertainment may resume only post a year from now.
- Health is wealth: Concerns around health have heightened with immunity building food and drinks at the forefront of choice and consumption.
- Re-educated consumer: New skills being developed by consumers at home. Adoption of DIY and new usage of technology being practiced and learned
- Rekindling family relationships: There’s been an increase in bonding and affection within families post lockdown. Most enjoy spending time together and show concern for family’s wellbeing.
- Sense of community: Community bonding has increased; with a feeling of being in it together which makes one stronger.
- Loss of personal space: Increased family and community bonding has led to a lack of personal space/ time with restrictions over movement/freedom to be.
- Brand loyalty takes a beating: Product availability and competitive pricing more important than brand name. Efforts to go the extra mile for a favorite brand is seen to be missing.
- Digital life is the new life: Acceptance of work from home/ online classes are accepted as a way of life now.
- Media behavior has been re-jigged: There is a greater availability of viewing time now with day time and late-night viewership up like never before. There is a higher engagement with digital media/ OTT than before.
- Tracking dynamic space of consumer mindsets and behaviour, the second wave of The New Indian Consumer is slated to be available in six months.