Indian household income witnesses decline due to the COVID-19 pandemic

December 23, 2020 written by
According to the Experian Global Insights Report, 43 percent of Indian consumers have witnessed a decline in their household income due to the COVID-19 pandemic. The report also stated that these households were even concerned about their well being.

Along with Indian consumers, 53 percent of Indian businesses have also experienced the biggest challenge in terms of maintaining the health and safety of customers. Sathya Kalyanasundaram, Managing Director, Experian India says that the impact of COVID-19 has caused both businesses and consumers to shift their priorities.

 

“With social distancing becoming the norm, consumers have had to get out of their comfort zone by letting go of conventional methods and adapting to the digital way of conducting their daily affairs. This also means that banks and financial institutions must be very careful in how they treat consumers in these tough times”, added Kalyanasundaram.

The report stated that India witnessed the largest incremental growth in the use of digital banking and payment methods with 16 percent increase in the use of mobile wallets and 14 percent increase in the use of retail apps.

The survey also recorded consumers’ responses which said that 50 percent of consumers expect an increase in online spending, both in the short term and within the next 12 months.

 

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