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Most Indian consumers plan shopping expenses cut: survey

12
Jun '20
Pic: RAI
Pic: RAI
Most Indian consumers plan to reduce shopping expenditure, as only 33 per cent are excited to shop post lockdown, according to a consumer sentiment survey by Retailers Association of India (RAI) and LitmusWorld, which found 78 per cent of the 4,239 respondents saying their shopping expenditure will decline. This implies a slower recovery for the retail sector.

While 41 per cent said their shopping expenditure will decrease ‘substantially’, 37 per cent said it will decrease ‘slightly’, 16 per cent said it will remain the same and only 6 per cent said their spending on shopping will be higher, according to the survey.

"This would mean a slower recovery for the retail sector, which has seen zero revenue and sustained losses over the last few months," RAI said in a statement.

When asked if consumers are excited to shop post-lockdown, only 33 per cent had affirmative reaction, while 37 per cent replied in the negative, the survey said, adding 30 per cent of respondents had a neutral shopping sentiment.

In terms of willingness to go out and shop, 62 per cent of respondents said they were planning to visit stores within the first 3 months, 32 per cent in the next 3-12 months and 6 per cent said they would stay away from the stores for the next 12 months.

However, 75 per cent of respondents in Tier 2 and Tier 3 cities said they were planning to visit retail stores within the next three months.

In terms of priority on the shopping list, food and grocery along with apparel and clothing topped the chart, with 52 per cent of consumers listing these items as primary.

These were followed by consumer durables/electronics with 31 per cent of respondents saying it to be important, while 25 per cent indicated beauty, wellness and personal care as priority, the survey added.

Fibre2Fashion News Desk (DS)


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