Categories: Business

Indian consumers are cautious in spending money amidst COVID-19 crisis, KPMG report revealed


Indian consumers cautious about spending amid COVID-19 crisis, KPMG Report

New Delhi. In the midst of the Kovid-19 crisis, Indian consumers are cautious in spending. A survey by consulting company KPMG concluded this. 78 percent of those polled said they had cut their discretionary spending.

KPMG India Report Time to Open My Wallet and Not? It has been said that consumers of second and third tier cities are more hopeful about their spending habits than the first tier cities. A special fact of the survey is that 51 per cent believe that the effect of Kovid-19 will not last long and things will return to normal soon.

Harsh Razdan, partner and head (consumer market and internet business), KPMG India, said that our study indicated that 22 percent of consumers in second-tier cities and 30 percent of consumers in third-tier cities believe that either spending increases Or it will be at the east level of the Kovid-19. In such a situation, retail companies should focus on expanding in these cities.

49 percent of the people surveyed said that they would spend up to Rs 5,000 in various categories during the next three months. 78 percent of the people surveyed said they had cut their spending. Second and third tier consumers are 1.9 times more positive than first tier cities.

This post was published on July 23, 2020 1:18 pm

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