78% Indian consumers cut spending amid Covid-19: Report

    9

    New Delhi, July 22 | Covid-19 has significantly impacted Indian consumers as 78 per cent of the Indian consumers said they have reduced discretionary spending, a new KPMG report revealed on Wednesday.

    However, 51 per cent of respondents feel that the impact of Covid-19 will be short-lived and normalcy is not far, said the report.

    Consumers in tier-2 and tier-3 cities are much more optimistic than those in tier-1 cities, the findings showed.

    “Our study indicates that 22 per cent consumers in tier-2 and 30 per cent consumers in tier-3 feel that their spending will either increase or remain the same as prior to COVID-19 and this could be the next focus area for retailers to expand their presence,” said Harsha Razdan, Partner and Head, Consumer Markets and Internet Business, KPMG in India.

    “In the next three months, 49 per cent respondents intend to spend up to Rs 5,000, across categories which makes this the most popular basket value and indicates that consumers are cautious about spending,” Razdan added.

    A comparative of pre and post Covid-19 scenario clearly showed that preference to online channels have increased 1.6 times.

    The results suggest the emergence of a new consumer who is financially constrained, more advanced in their use of digital technologies, more thoughtful and selective in their decision-making, and keen to see Covid-19 as an opportunity to reset values.

    The survey was conducted with 2,376 respondents across tier-1, tier-2 and tier-3 cities, amongst different spender types and age groups, between May 18-June 7.

    “Consumer goods companies and retailers will need to identify ways to continue to build consumer trust and confidence going forward. As a consequence, companies will need to develop their online presence and last-mile logistics and delivery capabilities and manage supply chain hygiene across all levels,” Razdan said.

    “With the advent of a strong digital wave, it will be important for companies to adapt to the situation quickly and continue to innovate keeping consumers at the centre of their plans.”

    Source: IANS

    Next Story

    Social Media Expert And Founder Of Aapno Rajasthan Durgesh Dhaker Gives His Two Cents On Growing One's Reach Online

    Social Media Expert And Founder Of Aapno Rajasthan Durgesh Dhaker Gives His Two Cents On Growing One's Reach Online

    “Work and you’ll get what you need; work harder and you’ll get what you want”.

    The above-mentioned quote speaks volumes about the courage of those who have made substantial breakthroughs in their life with hardwork and dedication.

    One such committed individual who is preparing several notable names with their social media reach is Durgesh Dhaker. An agile and someone who keeps himself upbeat with the happenings in the country, Durgesh has acquired expertise in carving the social media strategies for various stalwarts. He is also the founder of Aapno Rajasthan

    facebook page with more than 1 million likes which he gain within very short time with his expertise.

    Coming from the beautiful city of Chittorgarh in the land of Rajasthan, Durgesh Dhaker is making his parents and fellows pride of his strides and success acquired through hustling with perseverance. His social media expertise enables him to give his top tips for growing one’s social media presence, it is as below-

    1-Create a network

    Social media comprises of a huge number of people who need to build their reach, subsequently, it turns into a fiercely cutthroat spot where every individual is attempting to draw in mass consideration, thus it is basic that we upgrade our activities to pick a specialty which suits our inclinations, it ought to be something that you are prepared to deal with for quite a while of your life.

    Zero in on making an intuitive substance that can be discovered when somebody looks for it, the most ideal approach to do is to is utilize significant hashtags on Facebook, Twitter, etc.

    2-Create steady, quality posts that are relatable

    Today, the web has enough data however we can help our supporters discover quality data that isn’t excess by posting relatable substance according to our niche, recall, forthright, valuable, and quality substance is as yet restricted on the web, consequently assuming you give individuals what they are searching for reliably, gradually and slowly, you will see considerable development in individuals who follow you.

    3-Social media showcasing/connecting websites

    Social media marketing is perhaps the most ideal approach to get ideal reach online, to see speedy outcomes, posting cool videos, and opinion on the latest happenings are some methods which can be deployed. If one has a website on their name or related to their field of work then those can be attached on social media profiles to promote them better.

    In a nutshell, we can conclude that, according to Durgesh Dhaker, the top way to grow your social media presence is by being relevant and consistent with the content that is suited to the tastes of your target audience, linking several web pages and blogs to boost traffic and last but not the least correct marketing of your content that can lead to conversions.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here