More than half (65%) of shoppers in India imagine they’re at present dwelling with uncertainty, and one in ten anticipate it to final a minimum of 5 years, in response to new analysis from Accenture. The survey discovered that regardless of lasting uncertainty, the ‘resilient consumer’ is adjusting to continued disruption by searching for out methods to guard and management what’s essential to them.
In addition, the bulk seem bullish about their monetary scenario, with 88% of shoppers in India anticipating their disposable earnings to remain the identical or enhance within the subsequent 12 months.
Key findings of the survey
The survey of greater than 10,000 shoppers in 16 international locations together with India discovered {that a} robust indication of shopper resilience is their intention to spend extra.
When requested how their anticipated spend will change over the subsequent six to 12 months, respondents in India stated they plan to spend extra throughout 11 of 15 classes – similar to wellness, clothes and attire, magnificence, and necessities like healthcare and groceries.
Health is a high precedence for Indian shoppers and 79% intend to keep up or enhance spend on wellness within the subsequent one 12 months. 94% of shoppers in India are prepared to supply their private knowledge with a minimum of one sort of firm in trade for significant well being and wellness services and products with 87% of shoppers concerned about personalised choices.
After a 12 months of robust development for the journey business, 70% of shoppers in India plan to maintain or enhance their present spending on leisure journey within the subsequent 12 months, with 76% planning leisure journey and almost half (46%) planning two or extra leisure journeys within the coming 12 months. This alerts that customers nonetheless see journey as an important a part of their lives.
Vineet R Ahuja, managing director and lead – technique & consulting, Accenture in India, stated, “Our survey reiterates the optimism of Indian consumers that is reflected in their purchase decisions across categories. To stay relevant and in step with evolving consumer demands, companies need to effectively use data and analytics to provide meaningful personalised offerings in real-time especially in an era of volatility. This consumer-centric approach requires a continuous reinvention strategy to stay agile and build forward-looking capabilities.”
Resilient shoppers, resilient values
The atmosphere is a high concern for Indian shoppers with 57% saying they’re extra or equally involved in regards to the atmosphere than they’re about their private funds.
The survey additionally exhibits almost all shoppers in India (90%) have elevated sustainable procuring behaviours within the final 12 months, similar to solely shopping for what they want, taking their very own baggage to the shop, shopping for higher high quality items that last more, repairing or upcycling what they’ve, and shopping for reusable or refillable merchandise.
Companies should anticipate and proactively put together for sharp and sudden shifts
A separate Accenture macroeconomic evaluation warns that the persistence of inflation, excessive rates of interest, and rising earnings and employment uncertainty, may additional check the resilience of shopper spending within the coming months.
The shopper pulse survey highlights that customers with resilience are usually not naïve in regards to the state of the world. 67% in India say that challenges lately have created alternatives for them, and 77% are attempting new experiences or adopting new habits to enhance their lives.
About the analysis
Accenture’s Consumer Pulse Survey 2023 presents insights into shopper outlook, sentiment and behaviours. This 12 months’s survey is related to all shopper industries however is targeted on shopper items, retail, and journey.
Accenture surveyed a consultant pattern of 10,100 shoppers from 16 international locations: Australia, Brazil, Canada, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, Singapore, Spain, Sweden, United Arab Emirates, the U.Ok., and the U.S.
The survey was carried out on-line and focused shoppers who’ve made purchases for his or her family up to now six months. The survey was carried out in 15 international locations between March 2 and 22. It was carried out in Japan between April 21 and 28.
