India’s Shopping Trend During A Pandemic – How Indians Are Spending Their Money During COVID Times
Lockdown has dramatically changed Indian market behaviors. The consumer’s pay-out trends show just how intensely concerned they are about their immunity or health, stocking their essentials, preventing boredom and keeping their homes neat and tidy.
So what's new-?
It's likely that going against the widespread predictions, a lot of regular consumers will stick and some companies will gain a lot.
Few of the products which have already been stocked up in the world's largest open consumer market that is the Indian market are mentioned below.
Consumers all around the world are exhibiting an increased affiliation in protecting or safeguarding their health and boosting their immune system. In India, most of the time it points towards Ayurveda, the country’s ancient system of medicine. A Google report gives an idea about the so-called immunity boosters' rapidly expanding market. Ayurvedic shrub, giloy (Heart-leaved moonseed) and kadha (herbal decoction) are among the most sought afterward with an increase of 380 and 90 percent. And so is Vitamin C, whose Google quest has risen by 150 percent.
Companies such as The Himalayan Drug Co and Dabur India Ltd observe high demand for conventional medicines products such as Chyawanprash and proprietary supplements such as septilin, combining ayurvedic ingredients include Guduchi and licorice.
For Dabur, their Chyawanprash which is a flagship immunity booster in India is already witnessing a 400 per cent increase in demand and an 80 per cent growth in Dabur Honey.
Patanjali Ayurved Ltd., company of Celebrity Yoga guru baba Ramdev, also registered high net sales according to Brickwork Ratings, from April until June. The Haridwar-based business had risen 21.1 per cent over the same period in urban areas and 45.2 per cent in the hinterland a year earlier.
According to various reports, in June, throughout the industry, Chyawanprash sales increased by 283 per cent and honey sales went up by 39 per cent. Dabur, of Nielsen Pic Holdings which is one of India's largest suppliers of ayurvedic products stated its sales of Chyawanprash reached a whooping 700 percent whooping from April to June.
Since March, sales of packaged food have increased, as domestic consumers are known to stock up on familiar products that aren't going to get old or stale fast. Fridge cereals, immediate pasta, rice and cooking fats are amongst the most uncontested and fastest rising goods, but according to Euromonitor, the sales have been missed due to stock outages.
Nestle India Ltd.—whose famous instant Maggi noodles — has been able to see revenue extending or growing by 10.7 per cent in the quarter ended March, owing to only Maggi’s sale increases rather than Munch or KitKat. Personal hygiene category saw the largest increase of 400 % in sanitizers, 120% in hand washes, 70% in soaps.
Immunity has also seen a 60 percent rise in foods such as honey and ayurvedic goods such as chyawanprash. High demand for disposable categories such as toilet paper, tissues, and wet wipes was observed.
Another outstanding product for Indian families, Parle Products Pvt. Parle-G biscuits marked record sales in the April – May period. Contributing to snackers searching for similar or familiar comfort food as well as for the government agencies and NGOs, biscuits were dispensed in huge volumes throughout the ongoing pandemic.
In addition, we also observe panic buying and hoarding basic commodities such as atta, sugar, pulses, and rice.
Online retailer Flipkart reveals that total laptop searches have grown by 200% since March.
The most popular search is for performance laptops. ZEE 5, Netflix, Amazon Prime, Hotstar marked a 33 percent jump in daily active users and a 45 percent jump in app downloads in May, irrespective of lockdown easing in many parts of India, no significant decrease has occurred.
In the week of March 16-22, 2020, visits to websites and mobile applications in the category "General News" increased by 61 percent compared to the week of February 10-16. However, much of the increase occurred recently: visitors rose by 50 percent during the week of March 16-22, 2020 compared to the week of March 9-15, 2020.
In India, digital payments are increasing in the ongoing lockdowns triggered by Covid-19 that will accelerate the penetration of mobile data/4 G and create an ecosystem of services. According to a CLSA research report, acceleration of data penetration will be particularly positive for Bharti Airtel, as 50% of its subscribers still need to upgrade to 4G.
CLSA said India's digital payments are surging in the ongoing lockdowns led by Covid-19. It had already risen to 3 billion transactions a month in the past two years.
Mobile accounts for 50-75 percent of volume and value transactions within a digital framework. However, India's penetration of mobile data is still just 57 percent, even as internet penetration is 87 percent. Growing digital payments would accelerate the penetration of mobile data/4 G, and create a service ecosystem, a report said.
With the economy poised for a rare recession and millions losing their jobs, Indians who are financially poor are pawning their gold jewelry. Many small business owners, unqualified for government handouts or frustrated by the paperwork involved, often take more
Against the valuable metal - Gold. According to last year's World Gold Council report, total Indian homes gold reserves were approximately 25,000 tons-the highest in any country.
This year, gold prices rose 28 per cent to over 50,000 rupees ($668; £515) per 10 grams.
The shift in people's psychology has been a disguising blessing for some firms. Muthoot shares Finance Ltd., India's largest cash lender for gold, rushed this year at about 57 percent, and some analysts say it's now sizable enough to be added to the MSCI India Index.
As per Flipkart, searches for kitchen goods including juicers, mixers, microwaves and toasters grew around 300% in July.
Another thing whose Demand grew exponentially are hygiene appliances like vacuum cleaners. Their demand increased by 90 per cent during the pandemic times.
Companies like IFB Industries Ltd. have canceled out new dishwasher orders. The reason for this is that they couldn't keep up to demand.
With barbers and lounges shut down for most of 2020, trimmers including men's grooming kits have gone up at about 150% in sales, according to Havells India Ltd.
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