4 in 5 Indian Consumers will Reduce Shopping Expenditure Post Lockdown, Says RAI Consumer Survey Report
News Desk, News Nation 360 : As retailers climb back on their feet under Unlock 1.0, the industry might have to brace itself for a sustained downturn, as a majority 67% consumers showed little to no excitement in shopping post the lockdown. This is one of several stark findings in a consumer sentiment survey, released today by the Retailers Association of India. Surveying over 4000 respondents across the country, the ‘Unlocking Indian Consumer Sentiment Post Lockdown’ survey in association with LitmusWorld sought to understand the likely behaviour and shopping preferences of Indian consumers in a post lockdown environment. 62% of respondents said they were inclined to visit stores within the first three months post lockdown. This number goes up to 75% in tier 2 and tier 3 cities. However, 78% said their shopping expenditure would decrease. Only 6% said they would increase their spending. This would mean a slower recovery for the retail sector, which has seen zero revenue and sustained losses over the last few months. The
survey also asked consumers to prioritise their shopping lists. At 52% each, Food and Grocery and Apparel & Clothing continue to top consumer wish lists. As consumers were compelled to adapt to their restricted lifestyles, it is not surprising that Consumer Durables & Electronics; Beauty, Wellness & Personal Care and Footwear feature in the top-5. However, consumers expressed low interest in spending on restaurants, travel, and leisure, as Furniture and Jewellery, Watches & Personal Accessories were least prioritized. Commenting on the survey’s findings, Kumar Rajagopalan, CEO, Retailers Association of India, said that with most consumers demonstrating hesitation to resume shopping in the coming months, the retail sector needs the support of all stakeholders to revive sentiment. Retailers will need to prioritize safety and hygiene measures to reassure consumers that they will receive a safe shopping experience. Despite a strained quarter, the sector will have to make investments in implementing the necessary safeguards to win back consumer confidence.
Pic : Courtesy
Report : Anustup Kundu