McKinsey carried out a consumer sentiment survey in China, India, Indonesia, Japan, and South Korea. The study, which surveyed between 500 and over 1,000 people in each market, was conducted from March 23 to 30, as the extent of the virus began to unfold globally.
Asian countries believe that the novel coronavirus, or COVID-19, may hurt their household finances at least for the next two-to-six months, according to a survey by McKinsey & Company. Of that, 66 percent Indian respondents feel the same. However, 15 percent Indians anticipates that it may impact their finances for over seven months. McKinsey carried out a consumer sentiment survey in China, India, Indonesia, Japan, and South Korea. The study, which surveyed between 500 and over 1,000 people in each market, was conducted from March 23 to 30, as the extent of the virus began to unfold globally. (Image courtesy: Reuters)
Economic recovery after COVID-19: Data suggest that over 50 percent Indians are optimistic about an Indian economic recovery. They expect a rebound in two-to-three months. Around 36 percent respondents were unsure and believe that it may take six to 12 months or longer.
Financial impacts of COVID-19: Data suggest that over 79 percent Indians believes that COVID-19 will impact their routine and finances for the next two-to-six months. However, less than 10 percent expect it to take seven months or more.
Indian consumers feel there will be a decrease in income and savings while spending could be very negligible due to the coronavirus pandemic.
Data suggest that In India, the safety of family and overall public health is one of the top five concerns related to coronavirus.
In India, consumers expect to spend more time engaging with live news, video content, movies, and reading news online.
Expected spend on category: Most Indians likely to spend more on groceries, and in-home entertainment, while optional categories like resort stay, eating out, apparel, consumer electronics are likely to see significantly decreased spend in the next two weeks compared to usual days.
First Published on Apr 20, 2020 04:03 pm