As per the latest round of consumer sentiment poll by the BCG, fifty eight percent of the consumers are of the opinion that their income in the next six months will be lower than the pre-Covid life. The poll shows that people with similar sentiment has increased in a year’s time.
July 2020 Reported 44 Percent Consumer Sentiment
The survey that was conducted last year showed that only 44 percent of the people felt that their income levels would be lower as compared to pre-Covid situation. The survey was conducted over May 23-28, 2021 among 4,000 consumers. The survey, that covers all socio-economic groups across urban and rural India, is the 6th wave conducted by BCG.
At the same time, the sentiment about spending has also had an impact. The recent survey showed 51 percent consumers expecting their spends over the next 6 months. Last year, the same was at 40 percent.
Willingness to Covid 19 Vaccination has Increased in the Second Wave
Reports suggest that people have shown an increase in the willingness to take Covid 19 vaccine after the second wave especially in the small towns and rural areas. These areas had shown high levels of hesitancy earlier.
Seventy eight per cent of the eligible consumers in large towns said that they were very willing to take the vaccine now — compared to 62 per cent earlier. While in rural areas the percentage willing to take the shotsstands at 63 per cent as compared to 41 per cent earlier.
At the same time, some of the categories also showed positive sentiment like home entertainment, essentials, health, etc., as last time.
Nimisha Jain, Managing Director and Partner of BCG India said that there has been an impending sense of uncertainty towards certain positive messages. Many of the newly adopted behaviors ranging from social commerce, online shopping, digital content, digital payments have continued to stick even through the period when the situation was looking a bit better and the lockdowns were no longer in place.