As per a new McKinsey survey, Indian consumers’ newfound optimism would result in increased spending across categories in the months to come. The survey found most consumers have been trading down or buying less expensive goods while they go for a shopping. Also, the brand loyalty has gone for a toss.
However, the intent to spend has increased by 30 per cent, says the report. About 58 per cent of Indians reported being optimistic about economic recovery in the next two to three months; about 32 per cent think it would take about 6 to 12 months while 10 per cent reported being pessimistic about the recovery.
As per the survey, only Chinese consumers are as optimistic as Indian ones 58 per cent consumers being optimistic, 38 per cent being unsure and 4 per cent being pessimistic.