Deloitte unveiled its latest wave of 30-day analysis-based consumer survey (known as wave17**) that indicates health and safety at the core of all-important consumption-led decisions.
Data on India
- India ranks highest amongst 18 countries in terms of anxiety during the second wave of the pandemic; 21% of consumers in India are anxious, followed by Chile (16%), Poland (13%), South Africa (13%) and Italy (13%)
- The overall spending intent is up especially on healthcare products (48%) and medicines (33%) household (44%), and groceries (47%)
- 23% of consumers are concerned about returning to their workplace and 55% about losing their job
Key trends emerging from the survey
- Online purchases continue to show a strong trend
- Throughout the pandemic, the online medium has emerged as the preferred channel for purchase and continues to grow. Here is how consumers have been buying online - medicines (22%), electronics (34%), clothing (33%), food ordering online from restaurants/take-aways (33%), and if available, the next vehicle online (57%) as well due to various restrictions.
- Cautious consumption
- The spending intent shows consumers are focussing more on non-discretionary items as compared with the previous waves of the survey. For instance, 48% of consumers show net spending intent towards healthcare, 33% towards medicines, 42% towards the internet, 47% towards groceries, and 44% towards household goods, indicating that consumers want to focus on non-discretionary spending in the time of crisis.
- The consumer persona shows, stockpiler (63%), convenience seeker (69%) and bargain hunter (51%) still remain high amongst the Indian consumers.
- Concern about returning to the workplace
- Indians are significantly more concerned about returning to the workplace than they were in February 2021. About 28% today worry about returning to their offices, as compared with 15% in February 2021.
- Consumers gearing towards an at-home economy
- Individuals are not looking to venture out as they do not feel safe about going to a store, restaurant, engaging in in-person activities, staying in a hotel, returning to the workplace, taking a flight, etc.
Additional Trends
- Socially conscious shopping
- 67% of consumers prefer more locally sourced items going forward even if they cost a bit more, and 71% prefer brands that responded well during the pandemic.
- Consumer mobility:
- The findings indicate consumers’ intent to stick to their current vehicles for a longer period than they had originally expected (71%); this has been a consistent trend globally
- 61% of consumers are putting off regular maintenance for their vehicle, and 47% consider their car doesn’t need replacement
- Over the next three months, consumers plan to limit the use of public transit (71%) and ride-hailing (63%)
- Travel and hotel stay:
- The recent developments have brought about a shift in plans to travel for leisure and business. 46% feel safe staying in a hotel while 48% feel safe while travelling.
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