A SHARP decline in consumer sentiments.
Consumers are more conscious of what they buy and more focused on obtaining value from purchases. Consumer Companies are worried as the second wave of covid making buyers MORE cautious. The consumer product companies and retailers have switched their products to smaller packets and shopkeepers switching from regular brands to lower-priced alternatives to earn profit.
AS it strongly suggests that people are not choosing to consume products such as packaged food and other personal products in large quantities. Consumers prefer smaller packs of essentials and discretionary products. The first wave of covid saw a surge in home consumption of packaged goods as people stocked up all the necessities and packaged food in their homes.
Consumer sentiments are sharply declining in recent times.
The consumer is more willing to spend his savings on medical devices and health care products rather than on consumer goods.
The rapid spread of COVID-19 and its impact have raised awareness of health and well-being.
“The second wave has severely impacted core consumers in the urban and middle class for whom now the sentiment is only about survival and lot of their savings is going in buying medicines and medical equipment,” said Aravind Mediratta, MD of wholesale firm metro cash and carry.
This is all due to the uncertainty over how long the second wave of covid will last. As of now, we can clearly see that demand for medical devices and medicines rising and people are willing to spend their savings on it.