Understanding the changing Consumer Sentiment & Behavior during the COVID-19 crisis
                     Understanding the changing Consumer 
Sentiment & Behavior during the 
COVID-19 crisis
Even though the COVID-19 outbreak set the Indian economy at such a low level that threatened a standstill condition arising, 
post unlock phase 1, the Indian economy got back on track. Just now industry experts have deduced that the baseline 
forecast showcases the decline in global GDP in 2020 envisions a 5.2 percent contraction. 
Indian consumer sentiment has been impacted severely due to the 
low economy faced in the initial years of the lockdown. After the 
unlock 1.0 of a three-phase reopening plan, the ups and downs 
brought a series of issues causing the consumer sentiments to drive 
into a state of confusion and transitions.
A country’s economy is said to be on a smooth and right path when the 
private consumption and the government’s expenditure runs hand in 
hand. Any ups and downs bring a series of issues starting from the 
healthcare sector being affected and the fall of business disruptions, 
which stirs a change in consumer sentiments.   
Moreover, it has been extracted by the experts that India’s economic growth is likely to decline by 2 percentage 
points in the next financial year due to the impact of the coronavirus pandemic.
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01
Changes in Consumer sentiments and Behavior
The COVID-19 outbreak has lead to a lot of changes faced by consumers as well as businesses. They have gone through the 
phase of running after essentials to finding some essential products getting out of stock. 
When a lot of things were easy to reach, there were many problems in facing things that were out of reach. However, having 
essential food items, entertainment, internet network, household supplies, and browsing became easily available and 
products such as clothes, decorative items, alcohol, transport, medical treatment, and care became hard to get. 
Myriad of consumers took remote working as their essential working approach and the changing environment kept them 
hanging inside the doors for safety and security. 
The consumers who aren’t engaging in the out of home activities are all dependent on the healthcare sector and experts to dig 
the R&D and create a Coronavirus Vaccine as they got to go out and face the security issues and practice social distancing till 
they’re out. 
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02
Impact of COVID-19 on the economy & different Consumer sentiments
There is no denying the fact that consumers are the ones that provide the real reviews, feedbacks, and outcomes of how a business is 
changing in a better way or not and similarly it is the consumers and their changing behavior that has been impacted due to COVID-19. 
Even though a lot of things have been faced by the consumers in the initial stages of the pandemic, a lot of others have faced 
economic issues with the declining Indian Economy which was already on its low scale before the COVID-19 hit the globe. According 
to the Business Standard, the unemployment rate may face a steep blow and as many as 6.1 million young people (15-24 years) 
may lose jobs in India till the end of 2020. 
The difference has been witnessed as per the industry experts and expert 
network company the unlock phases have led to an optimistic side of the 
Indian economy with 11% people believing that it will stretch the loss in 
the economy to a state of recession and 38% people believing that the 
decline in economy will not be faced more than 6-12 months and 51% 
believes that post unlock phase the economy can grow better and may 
also get stronger than usual. 
Also, according to a market research survey conducted by Mckinsey & Company, more than 75 percent of people state that their 
economic status has been effective and they need to be more careful about their expenses and savings post-COVID-19. 
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03
Overall Indian Consumer Sentiment
The consumer sentiments concerning their economic status, healthcare, and personal growth has been impacted due to 
COVID-19 on different scales. 
42 percent of people are saying that their family’s and relatives’ health has been affected negatively due to the COVID-19 and only 
27 percent disagree about this.
Similarly, 54 percent of consumers are saying that the pandemic has affected their ability to meet the financial end they planned and 
it has been negatively impacted. On the other hand, the uncertainty about the economy of India is preventing its 56 percent of 
consumers from making any kind o purchases
According to the Business Standard, the unemployment rate may face a steep blow and as many as 6.1 million young people (15-24 
years) may lose jobs in India till the end of 2020. 
Moreover, the survey provided information on consumers’ economic as well as healthcare sentiments and it gathered data on how 
67% of them are cutting back on their spending's. And, 58% of consumer’s payments have been deducted or impacted in a negative 
way. 
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04
The change in consumer buyer behavior
It is not just the economy and healthcare that has been impacted or changes, there are several alterations made in consumer behavior 
which led to rapid digital adoption and technology. 
When consumers are running after the essential products, in the 
race of finding the essentials consumers are ignoring the brand and 
price tag which has completely changed the business strategy of a 
number of manufacturers. When the essential comes under essential 
irrespective of the price and brand name, businesses are rapidly 
adopting new ways and strategies to provide the essentials in the 
best deal possible to attract consumers. 
One thing that also brought a clear sight is how the consumer spends 
money on things that are not essential. COVID-19 made the fact quite 
clear that with the uncertainty in the economy of the country, it is the 
right decision to spend less and save more. 
 
As per the market survey conducted, 61% of the consumers (people) are being more mindful as to where they are spending their 
money. Furthermore, when 45% of people are shifting on to expensive products, 40% of the people are researching brands and their 
brand choices before buying. 
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05
Insights Into Consumers 
 
Boston Consulting Group (BCG) said more than 3,000 urban consumers interviewed in its fifth survey between 20 July and 2 August 
showed improved sentiments on income and spending outlook. Deloitte said households were marginally less anxious about the 
state of the pandemic and its impact on their lives in the first week of August. 
However, consumers have been using the digital platform far more widely than they were using it before the pandemic. The usage of 
Netflix and online entertainment has increased at an exponential rate where all people across the globe are using such platforms at the 
same time. Also, as social distancing is a measure of security and safety, the adoption of digital technology and application has been 
increased at a high rate overnight due to the pandemic. 
More than 20% of the overall population of the country has 
adopted online shopping for groceries and 10% and more 
consumers are buying apparel online due to COVID-19. 
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