Brand loyalty has taken a beating during the pandemic as product availability and price gained prominence for consumers, according to the findings of a study conducted by market research firm Kantar. The economic upheaval caused by Covid-19 has made people extremely cautious in spending but consumers are willing to pay more for products that make their life easier, according to the report titled The New Indian Consumer.
It said 72% of Indians were economically impacted by Covid-19, with the general sentiment being about fear and uncertainty over their future. As much as 52% said they are financially worse off than they were last year, with two-thirds of the respondents expressing doubts over whether the situation will improve.The report surveyed 10,000 urban consumers aged 15-55 years across 15 states. It covered aspects such as consumer mindsets (attitude and fear), consumption category, entertainment, shopping, online behaviour and social media consumption, health and fitness, and sentiments on resuming normal life.
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