Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!
you are here: HomeNewsIndia

e-commerce spending crossed pre-COVID-19 levels in Delhi, Mumbai & Bengaluru: Report

Mumbai topped with consistently high expenditures on insurance across time periods, CRED said

July 31, 2020 / 02:41 PM IST

e-commerce spends surpassed pre COVID-19 levels in Delhi, Mumbai and Bengaluru as more people went online for their discretionary and non-discretionary needs, a report by credit card bill payment platform CRED revealed. The report, based on an analysis of credit card spending patterns of over three million members in the three cities, takes February spending as a baseline and compares it to spends in subsequent months.

"Delhi spends grew to 135 percent, Mumbai at 133 percent and Bengaluru at 124 percent," CRED said.

More individuals opted to shop online for their discretionary and non-discretionary needs during the lockdown period. They continued to order online after the lockdown as well, indicating a larger behavioural trend, the report said. The Centre had imposed a nationwide lockdown from March 25 to contain the spread of the novel coronavirus pandemic.

Founder and CEO of CRED, Kunal Shah, said, "While the trend stemmed out of necessity, the convenience, safety and accessibility of digital medium have led to a sustained behavioural change."

Track this LIVE blog for latest updates on the coronavirus pandemic

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Online grocery spends surpassed pre-COVID-19 levels in both May-June and June-July periods. The highest recorded spike across categories and time periods was witnessed in Mumbai during the lockdown when spends on online grocery spiked a whopping 147 percent compared to pre-COVID-19 levels, or nearly 1.5 times, it stated.

The study also noted that insurance spends during the onset of the lockdown were close to pre-COVID-19 spends. However, during the May-June period, spending spiked across all three cities and surpassed pre-COVID-19 levels. These stabilised but remained high during the unlock period.

Mumbai topped with consistently high expenditures on insurance across time periods, CRED said. Additionally, credit card spends on wallet top-ups were relatively high during and post the lockdown across all the three cities, indicating a preference for contactless payments.

(With PTI inputs)

Click here for Moneycontrol's full coverage of the COVID-19 outbreak
Moneycontrol News
first published: Jul 31, 2020 02:41 pm

stay updated

Get Daily News on your Browser
Sections