Market Xcel Company Offer Various Market Analysis Techniques, Which Provide Brands With an Incredible Overview About Their Product and Market Contactless shopping and transaction, has seen a surge in mobile money/ payment wallet usage. The survey was administered with 3075 audience across different age bands to understand the change in behavior among them with respect to the Covid-19 pandemic. People are staying away from credit card usage as they do not incline to increase their credit card bills during this economic crisis.
The efforts to limit the fallout of the coronavirus pandemic by avoiding social contact, people are using these modes of digital payments from the convenience of their homes through online channels like mobile banking, internet banking cards, etc. and avoid using cash. Where majority of the people are preferring, Payment (65%) followed by Google Pay(58%) for smooth transaction.
At an overall level, 48% people evince satisfaction with their financial situation. The satisfaction level is more with the teenagers as compared to older age bands. The pandemic will definitely have a negative impact on the economic condition of the people. The sentiment is echoed by nearly 58% of the audience who fear their earning to be adversely impacted in future.
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The lockdown has clearly changed the purchasing dynamics. People have clearly demarcated between essential and non essential commodities. Grocery items and healthcare will see a surge with respect to overall expenses, which are considered a necessity, whereas entertainment and lifestyle budget will definitely go down.
IN A NUTSHELL 2021
The spread of COVID-19 and the lockdown has made enormous unsettling influence to the lives of billions of people across the globe. The effect of the pandemic is unprecedented. It is changing the consumption patterns of people and is altering the consumer behavior. On an average, people are devoting 5.5 hours per day for their office work at home; followed by
Deduction in earning will have direct impact on the personal savings where people fear reduction in savings, with majority anticipating reduction by up to 50%. The feeling is on similar lines across gender and age band(s).
The lockdown has everybody their own share of family time. Spending Spending quality time with family, rejoicing old favorites in TV and surfing the internet are perhaps the best antidotes to the stresses of today when the country is locked in to stave off a pandemic. People have clearly demarcated between essential and non essential commodities. Grocery items and healthcare will see a surge with respect to overall expense, which are considered as a necessity, whereas entertainment and lifestyle budget will definitely go down.
Due to the worry about the scarcity of the supplies people started panic buying,81% of the people have stocked the grocery items followed by medicine and personal care items. Contactless purchase and social distancing are the new norms that the people are living with. Post lockdown will witness a change in the buying behavior with majority of respondents preferring to switch to online shopping mode rather than traditional shopping (visiting kirana store).