Coronavirus, Rising prices & Conflict in Ukraine, top concerns of Urban Indians & impacting consumer spending: Ipsos Essentials March 2022
Coronavirus, Rising prices & Conflict in Ukraine, top concerns of Urban Indians & impacting consumer spending: Ipsos Essentials March 2022. Ipsos Essentials monitors how people across the globe navigate the new rules of engagement and the resulting impact on our state of mind, state of wallet, and future intentions
According to the latest (March 2022) report of Ipsos Essentials, a syndicated report that maps how people across the globe map new rules of engagement and the resulting impact on their state of mind, state of wallet and future intentions shows at least 4 in 10 urban Indians are concerned about the Coronavirus (39%), 31% worry about Rising prices/ Inflation and 19% are bothered about the Conflict in Ukraine.
“Safety measures and mass immunization notwithstanding, the coronavirus continues to be a threat and an area of concern for at least 4 in 10 urban Indians. We still cannot throw the caution to the winds, there is always the fear of the fresh wave, particularly as China is seeing a new surge in infections. Also, people are still reeling under the collateral impact of the coronavirus. Inflation is another big concern and there is worry around how prolonged Ukraine conflict could impact cost of living,” says Archana Gupta, Country Service Line Leader, Market Strategy & Understanding (MSU), Ipsos India.
Factors Impacting Consumption
While consumers globally cite rising prices (30%) as the top reason for holding back their purchases, 20% said the items they wanted to purchase were out of stock and 10% they felt unsafe in the stores due to Covid.
“Marketers will need to ensure they provide a safe environment for shoppers and replenish stocks,” added Gupta.
At least 1 in 2 global citizens (58%) said they are being careful with their spends due to the conflict in Russia.
“The survey captures in detail all the categories where consumers plan to spend more and categories where they plan to cutback. We have captured views across the categories of Food (groceries), food (meals & restaurant), financial investments, automobile, beauty products, vacation, home electronics, among others. It’s a detailed study for marketers to understand consumer mindset and their spending,” said Gupta.
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