Enormous Brands decodes the ‘Lock-down Consumer’; India is bullish about SENSEX in future
Enormous Brands surveyed the changing sentiments, attitudes, and habitual changes in India’s citizens, across the country’s top 6 cities during the unforeseen lock-down
KEY TAKEAWAYS:
· 56% believe that Sensex will hit 50K in less than 2 years’ time and there is a 28% increase in the internet banking users
· 74% of the population misses their daily newspaper and are waiting for the service to resume
· Data suggests that 47% of Indians are willing to pay up to 25% higher for Indian made goods over Chinese made
· 66% feel PM Narendra Modi is the most apt world-leader to handle this crisis
· TV shines over OTT. 43% see cable TV as the primary entertainment in the high-income households
Chennai, April 28, 2020: The stay-at-home mandate has changed the behavior and attitudes of many Indians. Indians who were born and brought up asking for ‘Dhaniya’ or ‘Mirchi’ free from the vegetable vendors are now buying vegetables and other consumables without asking prices. Stay-at-home orders have thus caused visible major shifts in people’s behavior.
India is bullish about SENSEX in future
The study showed India will emerge as a winner in the on-going crisis.
58% believe that India will emerge as a ‘favorite country to trade with’. 54% state they have witnessed a drop of 30% in their stock and Mutual Fund portfolio. Even after this southward trend of the SENSEX, it is viewed optimistically. 44% believe that the SENSEX will bounce back to 40K levels in about a year’s time and 56% believe that it will hit 50K in less than 2 years’ time thanks to domestic development (22%), strong internal consumption (14%) and FII (37%).
India’s older adopt digital
The study shows a sharp increase (47%) adoption among elders (55-65 years) of e-commerce – ordering milk, grocery and home essentials and paying through wallets / UPI.
The banks have been promoting Internet banking for over a decade, in just the last month the data suggest that first time users have increased by 28%. The maximum shift of 33% is among the age group of 35-50 years age segments – this is the ‘bankers’ delight segment as it is the most profitable customer band.
Newspaper poised for a strong return
Lots of international researches suggest 21 days can break or form a habit. However, this study suggests otherwise when it comes to a daily newspaper. 74% miss their daily newspaper and are waiting for the service to resume.
While 29% have moved to reading newspapers online, only 4% would unsubscribe from the hard copy. Looks like the newspaper is a habit like coffee that has grown on the Indian palette, making it difficult to part with.
COVID – 19 helps push the ‘Make in India’ agenda
The data suggests that 47% of Indians are willing to pay up to 25% higher for Indian made goods over Chinese made. There is a strong sentiment that the world should unite against China to stop using China as the world’s manufacturer, even if it is cost-inefficient.
The BJP government is applauded for its COVID – 19 action plans
The study suggests BJP is emerging as ‘super’ force across age bands, genders and also across communities (including minorities).
PM Narendra Modi is seen by 64% as a world leader and 66% feels he is the most apt leader to handle this crisis. The government’s ‘Tech’ initiatives followed by their courage to lock-down the country and its medical response set up where the 3 most admired achievements of the BJP government.
Television grows strength to strength during lock-down
The study suggests TV still shines over OTT. 43% see cable TV as the primary entertainment in the high-income households. 13% across the sample size have re-activated their DTH / Cable subscription.
Interestingly, ‘news’ has emerged as the new GEC’s. A staggering 64% of TV viewing time across the TV viewing population is spent on the news channels. 43% believe that news reporting is unbiased and 27% believe that there is a clear indication that few news channels are pro a particular political party.
Commenting on the outcome of the study, Mr. Ajay Verma, Managing Partner, Enormous Brands, said, “The young Indian population is behaving very differently from other parts of the globe. The study suggests a high level of optimism even in a situation that has brought the entire world in a lock-down and also showcased that households feels confident about the revival of the Indian economy.”
He further added, “This study was conducted to help brands understand how the current situation is molding the habits, behavior and attitudes of Indians. We believe this will help us shape client communication and offer strategic counsel in line with the prevailing sentiments of the consuming class.”
Editor’s Notes: The excerpts as above are from a proprietary online study done by Enormous Bands. The study was a quantitative web-based study, administered between 30th of March and 22nd of April 2020. The total sample size was 3737 and the dispersion was as follows.
Mumbai: 837, Delhi (Incl. NCR) 782, Bengaluru 774, Chennai 519, Pune 428 and Ahmedabad 397. 88% of the respondents had an annual income of Rs. 5 lac plus and one-fourth of the sample has an income level of Rs. 20 Lac+. 68% of the samples were graduates.
For additional information on this survey, individuals and companies can send an email to info@enormous.be for the full report / individual or specific sections of this research. The research covers attitude and behavior changes across segments like the employer and employee expectations, e-commerce, FMCG, BSFI, Auto, FMCG, Retail among some of the sectors covered.
