MUMBAI: As the country enters the final week of the third phase of the COVID-19-induced lockdown, public sentiment is getting into negative territories with over 50 per cent of those polled having a negative outlook on income.
What is more, younger and those in the middle-income consumers are more worried about their income post-COVID, loan repayments and spending, says an international survey.
According to a survey by international consultancy Boston Consulting Group, as much as 85 per cent of those in the poll are worried about servicing loans post-moratorium, while more than 40 per cent are planning to cut down spending in the next six months as they fear about their jobs and income.
The survey, carried out during the third phase of lockdown (May 4-17) among 1,300 consumers in metros and Tier 1 & 2 cities, is part of a global COVID-19 consumer sentiment research.
“Despite lockdown relaxations, concerns across health, economic situation and daily lifestyle continue to remain high as consumers have more pessimistic about their future incomes, spends, and loan repayments,” says the survey.
These concerns are much higher among younger consumers, SEC-B households and small business owners.
Even among these categories, essentials, at-home entertainment, health and insurance continue to show greater resiliency, while travel, out-of-home entertainment, apparel, large ticket purchases emerge as categories with significant reductions. One-third of them are also thinking of trading down. (AGENCIES)
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