Here is what Indians want to spend on after lockdown relaxations
After PM Modi’s address on Tuesday, it is widely expected that there will be several relaxations in the lockdown rules from next week
Prime Minister Narendra Modi in his address to the nation earlier this week said the fourth phase of the lockdown, starting May 19, would have “totally different” rules. It is expected that areas not in containment zones will see relaxations.
"Coronavirus is here to stay, experts say. But we cannot let our lives be controlled by the virus. We will have to live with it. We will wear masks and maintain physical distancing, but not give up on our dreams,” PM Modi said in his televised speech on Tuesday.
With salary and job cuts happening across sectors as a fallout of the adverse impact the pandemic has had on the economy, most people are in no mood to spend. A fact corroborated by a survey conducted by social media firm LocalCircles.
Most Indians are in no mood to spend
74 per cent consumers said they are “in no mood to spend on anything other than essentials post lockdown.”
The survey asked consumers in red zones what products in specific would they spend on once the lockdown is relaxed in their areas. The survey received over 24,000 responses from consumers spread across 124 red zone (COVID-19 hotspot) districts of the country, according to LocalCircles.
Of the consumers surveyed, 6 percent said they would buy home furnishing and supplies. Five percent said they would buy gadgets like laptop, printer, tablet, mobile etc., while another 5 percent said they would buy office/school supplies like stationery, mobile accessories, books etc. Four percent respondents said they would buy white goods and appliances like AC, cooler, refrigerator, grinder etc., 2 percent said fashion and apparels, while 1 percent said automobiles (car/scooter). Three percent said they wold spend on other non-essential items.
According to Chairman and CEO Sachin Taparia: “Discretionary spending has taken a massive hit as consumers are deferring non-important purchases due to the uncertainty caused by the spread of the coronavirus.”
A survey conducted last month showed that 87 percent Indians expect their household incomes to fall over the next year.
The survey released on Friday also asked consumers what services they are likely to spend most on in the coming months as the lockdown rules are relaxed.
Unsurprisingly, most people (24 percent) said they would not be spending on any services.
However, 21 per cent said they would spend on repairs of air conditioner, cooler, fridge, and appliances. Eighteen percent said home repair while 16 percent said beauty services like haircuts. Nine percent said automobile service, 6 percent opted for gadget repairs, while 2 percent chose broadband services.
(Edited by Teja Lele Desai)