Consumer anxiety ‘at all-time high’ in India due to pandemic

Indian consumers, especially those in more rural areas, are suffering acute anxiety as a result of the effects of the COVID-19 pandemic, according to Deloitte.

Research from the consultancy firm shows concerns about healthcare and financial worries are at the root of the widespread anxiety, as the country emerges from a devastating second wave of the pandemic which has hit rural areas especially hard.

The details

• 45% of consumers surveyed said they were anxious about their health, the health of their extended family, and their own financial wellbeing.
• The sentiment is especially pronounced in rural India, where families tend to be poorer, rarely have any kind of medical insurance and have often spent a large part of what they have on COVID treatments and hospital visits.
• This translates into an unwillingness to spend, especially on discretionary items, and may prove a significant drag on the country’s economic recovery.

Key quote

“The problem this time is very deep in rural India. In addition to a good monsoon and good festive cheer over the next six months, I think we need some stimulus which will give more money in the hand of the end consumer” – Sanjesh Thakur, Partner with the Risk Advisory practice at Deloitte India.

Sourced from Economic Times