consumer behavior post lockdown...consumer behavior post lockdown what is the s chandramouli...
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© Feedback Insights
The information contained in this document is confidential and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent of Feedback Business Insights Pvt. Ltd.
Consumer Behavior Post LockdownWhat is the
S Chandramouli [email protected]
Bala Narayanaswamy [email protected]
13th May 2020
Srividya Viswanathan [email protected]
Baidhani Mondal [email protected]
Vipul Halathi [email protected]
‘New Normal’?
© Feedback Insights 2
The real voyage of discovery consists not in
seeking new landscapes, but in having new
eyes.
Marcel Proust
© Feedback Insights 3
What exactly is this ‘New Normal’ after the Lockdowns that everyone talks about? …
‘New Normal’
• When consumers embrace a set of new norms of behaviour, personal- and social … and new norms of perceived risk …
• resulting in new patterns of ‘usual’ / ‘unusual’/ ‘rare’ actions and behaviours
The Model….
• Derived from ‘Diffusion of Innovation’ frameworks that apply to adoption of New-to-the-World Products and Services
• In this case it’s the ‘World’ that changes after Covid and Lockdown… of the old product categories
The focus is the future
• Changes in re-adoption of the categories, and how soon the consumer expects to be in the market again ( for e.g. back in a mall or a
multiplex )
• Which together determine which part of the consumer economy comes alive again, how soon?
Feedback Insights: COVID-19 Consumer Perspective Study: Premise of the study
The Feedback Insights Perspective
© Feedback Insights 4
The 'Research' focused on the core urban consumers necessary to re-energize the economy …. SEC A1 and A2 (the top 16% of all urban individuals;12 years +)
Feedback Insights: COVID-19 Consumer Perspective Study: Approach to Analysis 1/2
‘Self Opted Survey
Respondent'
administered primarily
through social media
between April 24th –
29th 2020
India based and
Completed Profile
information taken for
analysis
5 and 3 points scale
based on relevance
used
Survey Methodology
Collating data,
Cluster Analysis
This involves seeing
patterns of behavior
across sets of data
representing
sections of people
Creating Behaviour
based segments
This will depict the
behaviour across
segments derived
post analysis
Final report
Provides the key
take away and top
messages
© Feedback Insights 5
The Analysis looked at a range of attitudes and over two-dozen behaviours to understand how the consumer sees the future after Covid-19 and the Lockdown
Feedback Insights: COVID-19 Consumer Perspective Study: Approach to Analysis 2/2
M E T R I C S ’ F O C U S
COVID-19
Mindset
COVID-19
LockdownImpressions
COVID-19
Post Lock Down Behaviours
© Feedback Insights 6AGE GROUP – 3 respondents didn’t respond OCCUPATION – 40 (3%) respondents have Miscellaneous job profiles
coverage
A C R O S S I N D I A
362 | 30%852 | 70%
SEC Classification A11074 | 88%
A2104 | 12%
Male Female
North
289
24%
East
87
7%
South
548
45%
West
290
24%
< 25 Years 25 – 34 Years 35 – 44 Years 45 – 55 Years >55 Years
51 (4%) 134 (11%) 227 (19%) 338 (28%) 461 (38%)
A G E G R O U P S
O C C U P A T I O N
Work from Home (with Project)
Work from Home (w/o Project)
Work from Office Businessman Retired Home Maker
540 (44%) 167 (14%) 21 (2%) 218 (18%) 154 (13%) 74 (6%)
1214 (100%)Count (Percentage)
© Feedback Insights 7
FINDINGS
© Feedback Insights 8
KEY MESSAGES
Positive and Optimistic, the Indian Consumer has emerged
from the COVID-19 episode very socially and community
conscious.
Concerns related to health and job/business stand out.
Worries do not touch children’s education, maintaining
‘Social Standing’ or getting depressed
Family Time, Focus on Health has been given the ‘Big’
Thumbs Up
Consumer’s
COVID-19
Mindset
© Feedback Insights 9
Lockdown has created the avatar of the ‘Socially and Community Conscious’ Indian. He/She has looked for ‘Community Connection’ while enjoying ‘Family time’ and becoming ‘Health Conscious’
Feedback Insights: COVID-19 Consumer Perspective Study: SURPRISES | POSITIVE OUTCOMES
Time Spent
with Family
Focus on
Health
Increased
Community
Consciousness
Pollution
Control
14%Covid
Health
Warriors
Govt.
Performance State Govt. :
Police etc.
POSITIVE OUTCOME OF COVID-19
Q: Imagine you were Sleeping Beauty / Rip Van Vinkle who woke up from a
yearlong sleep on 1st Apr, 2020, what would surprise you the most?Q: According to you, what is the positive outcome of COVID-19.
Please select the one which is most important as per your opinion
1%
4%
7%
7%
11%
15%
24%
31%
0% 5% 10% 15% 20% 25% 30% 35%
Hand Washing
No House Help
Closed Offices
Social Distancing
Closed Public Places
Masks on the road
People at Home
Empty Roads
SURPRISE ELEMENT
24% 22%
21%
4% 2%
8%
© Feedback Insights 10
19%
21%
31%
34%
37%
40%
50%
0% 10% 20% 30% 40% 50%
The worry experienced during Lockdown is related to ‘Health’ and ‘Impact on Jobs/Income/Savings’
Feedback Insights: COVID-19 Consumer Perspective Study: WORRY INTENSITY
Q: How worried are you about the following?
*Note: Worry Intensity = Extremely Worried + Very Worried proportion
Worry Intensity*
You or a family member catching the virus
Reduced earning due to job loss/ salary cut
Need for increased saving
Price rise of essentials/ other items
Disruption to children’s school/ college
Increased mental tension/ stress/ depression
Ability to maintain lifestyle/ social standing
© Feedback Insights 11
SEGMENTS
© Feedback Insights 12
Agile Anita
Aa
Rapid Rao
Rr
Steady Sam
Ss
Trailing Tarun
Tt
These segments have been
created based on the
differing speeds they
adopt to re-start their
regular lives
THE SEGMENTS(Based on Behaviours)
Agile Anita
13%
Rapid Rao
28%
Trailing Tarun
22%
Steady Sam
37%
© Feedback Insights 13
Four segments emerged based on patterns of behavior and mental outlook displayed.
Feedback Insights: COVID-19 Consumer Perspective Study: Behavior based Segments
Agile Anita
Highly Skilled,
Finance or Tech
professional, South
based, Young
13% Sample
Rapid Rao
An Entrepreneur,
Risk Taker, Ok with
Erratic Income
28% Sample
Steady Sam
Affluent, Steady
Income, Older
37% Sample
Trailing Tarun
Older, Staying at
home, Women
centric
22% Sample
© Feedback Insights 14
Aa Symbol
used the denote
Agile Anita in
the study
Aa
Agile Anita
(13% of the Sample Base)
Agile Anita is the torch bearer for the economy.
Predominantly a high skilled, Financial or
Information Technology professional who
works from home and is mostly south
based. The Lockdown has not impacted
work much.
Youngish, with one in four being a
millennial. Both genders well represented,
truly a non gender biased perspective.
Agile Anita could well be Agile Amit!
Highly social, seeks to ‘Feel Normal’ at the
earliest, and is hungry to bring back
experiences, becoming the pioneer in
experience based activities.
© Feedback Insights 15
Rr Symbol used
the denote
Rapid Rao’ in
the study
Rapid Rao
(28% of the Sample Base)
Rapid Rao is a Risk Taker and closely
follows in the heels of Agile Anita, is
ahead of him/her in Financial dealing
Predominantly an Entrepreneur, lives in
the top metros. Is middle aged and Male.
He looks to getting back on his feet at the
earliest and is a pioneer for all financial
related activities. Also, displays risk taking
behaviours bucking trends. Rr
© Feedback Insights 16
Steady Sam
(37% of the Sample Base)
Steady Sam is a ‘Wait and Watcher’ and
takes the middle of the road approach
Is older, affluent with steady income. He
typically owns multiple cars and goes for
international holidays.
Majority continue to work from home,
about 15% waiting to get back to work
post lockdown.
Quite social, takes a balanced approach to
getting back to normal, not too far behind
from the Rapid Rao, prefers the less
riskier approach
Ss
Ss Symbol used
the denote
Steady Sam in
the study
© Feedback Insights 17
Trailing Tarun
(22% of the Sample Base)
Trailing Tarun is risk averse and would rather wait
than take hurried steps towards normalcy
Is older and stays at home. Some of them
have finished with their professional
commitments, others opted out, women
dominated
The Lockdown has not changed things too
significantly unlike others, and shows
preference towards status quo.
Tt
Tt Symbol used
the denote
Trailing Tarun in
the study
© Feedback Insights 18
You or a family member catching the virus
Reduced earning due to job loss/ salary cut
Need for increased saving
Price rise of essentials/ other items
Disruption to children’s school/ college
Increased mental tension/ stress/ depression
Ability to maintain lifestyle/ social standing 21%
21%
23%
36%
36%
39%
42%
Feedback Insights: COVID-19 Consumer Perspective Study: Worry Intensity for each segment
The financial impact of ‘Reduced earnings’ highlighted among Rapid Raos’ and Steady Sams’
Q: How worried are you about the following?
*Note: Worry Intensity = Extremely Worried + Very Worried proportion
Aa Agile Anita Rr Rapid Rao
22%
22%
34%
36%
39%
43%
53%
14%
16%
29%
30%
30%
33%
51%
Ss Steady Sam Tt Trailing Tarun
21%
24%
32%
33%
39%
42%
49%
Overall
© Feedback Insights 19
> Half feel overall optimistic, with Rapid Rao leading the way. The mood has improved over the Lockdown for the majority
Feedback Insights: COVID-19 Consumer Perspective Study: DEGREE OF OPTIMISM | CHANGE IN EXPERIENCE
55%
52%
60%
56%
55%
46% 48% 50% 52% 54% 56% 58% 60% 62%
Trailing Tarun
Steady Sam
Rapid Rao
Agile Anita
Overall
Optimism Meter
66%
54%
63%
59%
60%
0% 10% 20% 30% 40% 50% 60% 70%
Trailing Tarun
Steady Sam
Rapid Rao
Agile Anita
Overall
Mood Improvement Meter
Figures represent % of respondents feeling optimistic Figures represent % of respondents feeling better
Q: Based on the current situation, how do you feel? Q: Compared to 24th Mar’20, when the lockdown started, how has your experience changed?
59% Delhi
Optimistic 62% Bangalore
felt better
© Feedback Insights 20
KEY MESSAGES
The positives of the lockdown has been reflected in ‘Time
spent with Family’, ‘Savings’ and ‘Increased Time’ for
themselves. The Uncertainty on Jobs/Business however
has dragged everyone down
More than half eating healthier, with Rapid Raos’ and
Steady Sams’ spending even more time on work during the
lockdown
Consumer Impressions of the Lockdown
© Feedback Insights 21
Time spent with family, Time for oneself and Increased Savings appreciated.One in two negatively impacted on work, One in four on health and sleep
Feedback Insights: COVID-19 Consumer Perspective Study: Top Positive and Negative Impacts of the Lock Down
Time spent with family (81%)
Change in expenditure pattern (80%)
Catching up on other activities (78%)
Impact on job/ business (55%)
Physical Health (28%)
Sleep pattern (27%)
TOP 3 NEGATIVE IMPACTS
TOP 3 POSITIVE IMPACTS
Q: Please tell us what is the impact the following has had on you:
1in 3 women
negatively
impacted
PATTERNS
• ‘Rapid Rao’ and ‘Steady Sam’ enjoy
the ‘Time Spent with family’ the
most
• ‘Steady Sam’ also appreciates the
increased ‘Savings’ and the ‘Me
Time’
• ‘Negative impact on Job/ Business
comes across as a strong concern
across segments
© Feedback Insights 22
Healthy eating
Time spent on work
Exercising
Time on stock markets
Eating non veg
People stayed away from Non Veg and the Stock Market. Healthy eating practiced by majority
PATTERNS
60%
49%
33%
35%
10%
MoreLess (%)
4%
12%
36%
36%
55%
37% Mumbai
exercised less
46% Mumbai
worked more
Q: During the lockdown, are you doing ‘More’, ‘Less’ or ‘Same’ of the following?
Feedback Insights: COVID-19 Consumer Perspective Study: Activity Patterns During Lockdown: More or Less
Impact on ‘eating non – veg’
least among the Agile Anitas
Agile Anita who is unable to
get to a gym shows reduced
‘exercising’
Rapid Rao and Steady Sam
spend more time on work
© Feedback Insights 23
THE NEW NORMAL
© Feedback Insights 24
KEY MESSAGES
The home becomes the ‘hub’ for social activity, with most people meeting
socially within weeks, coupled with huge surge in alcohol, online - non
essentials and online - food purchase
Consumption expected to get back on track within months, except for the
‘Big Ticket’ purchases which will be pushed out to later 2021.
The Indian also wants the ‘Bai’ (maid) back, with house help resuming
immediately, the comfort of which seems to have been missed.
The Stock Market retains the confidence of the consumer, Gold not attracting
much attention. However, upsurge seen in medical insurance
Post COVID-19Lockdown Consumer Behaviour
© Feedback Insights 25
The ‘New Normal Blueprint’ identifies the behaviors that will start ‘Early’, ‘Later’ and ‘Maybe Never’
1.Shopping Online
2. Indoor Household Services (Maids, Cooks etc.)
3.Purchasing hard liquor/ beer
1.Plan international travel
2.Big ticket purchase (House, Vehicle, Land)
3.Remodeling (Interior/ Furniture/ Fittings etc.)
1.Luxurious Product (Antique/ Painting etc.)
2.Financing/ Loans
3.Gold
Feedback Insights: COVID-19 Consumer Perspective Study: The New Normal Blueprint
Top 3 ‘Early’ Top 3 ‘Greater Than A Year’ Top 3 ‘Never’
© Feedback Insights 26
Please read carefully to help you navigate the charts that follow. This section outlines the start, volume of consumption across segments over time
Feedback Insights: COVID-19 Consumer Perspective Study: How to read the charts that follow
Meeting Socially
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%
0
0
0
0
Indicates when everyone
gets to 50% consumption
Timeline Scale indicates
number of days.
Indicates when
everyone gets to 80%
Consumption
Indicates 50% for the
segment
Starting Point for the
activity for the segment
Indicates 80%
Consumption for the
segment
Aa
Rr
Ss
Tt
Starting Point 0 2 years10 30 90 300
In days
© Feedback Insights 27
Meeting socially gets off to a flying start. Eating at Restaurants braved by the risk taking ‘Rapid Rao’. Movies have to wait.
Feedback Insights: COVID-19 Consumer Perspective Study: Experiences Sought Post COVID-19 Lockdowns 1/4
Starting Point
50%
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%0
0
0
0
0 2 years10 30 90 300
In days
80%0
0
0
0
50% 80%0
00
0
1 in 3 will not go
back to a theatre
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
EATING AT RESTAURANTS
MEETING SOCIALLY
MOVIES IN THEATRE
© Feedback Insights 28
Everyone gets back to shopping online within days, a big driver of consumption. Malls pick up within months
Feedback Insights: COVID-19 Consumer Perspective Study: Experiences Sought Post COVID-19 Lockdowns 1/4
Starting Point
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
0 2 years10 30 90 300
In days
50%
50%
80%0
0
0
0
80%0
0
0
0
50% 80%0
0
0
0
70% Bangalore
shops in few
days
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
SHOPPING AT MALLS
ATTEND LARGE EVENTS
ONLINE SHOPPING
© Feedback Insights 29
Online food gets on track in weeks. Alcohol gets a huge upsurge with 50% consumption in weeks, longer tail for the 80% mark .
Feedback Insights: COVID-19 Consumer Perspective Study: Experiences Sought Post COVID-19 Lockdowns 3/4
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%0
0
0
0
ALCOHOL/BEER
Starting Point 0 2 years10 30 90 300
In days
50% 80%0
0
0
ORDER FOOD ONLINE
0
26% Tt do not
want to order
online again
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
1 in 3 in
Bangalore start
in few days
© Feedback Insights 30
Domestic Travel settles well in months. International Travel lags.
Feedback Insights: COVID-19 Consumer Perspective Study: Experiences Sought Post COVID-19 Lockdowns 4/4
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%
0
0
0
0
50% 80%0
0
0
0
DOMESTIC TRAVEL
INTERNATIONAL TRAVEL
Starting Point 0 2 years10 30 90 300
In days
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
© Feedback Insights 31
Lifestyle services comes back to life within months, including travel. Household help gap filled almost immediately.
Feedback Insights: COVID-19 Consumer Perspective Study: Lifestyle Sought Post COVID-19 Lockdowns
50%
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%0
0
0
80%0
0
0
0
50% 80%0
0
0
0
0
BEAUTY SERVICES
HH SERVICES
TRAVEL
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Starting Point 0 2 years10 30 90 300
In days
© Feedback Insights 32
Rapid Rao initiates consumption, with Steady Sam following closely.
Feedback Insights: COVID-19 Consumer Perspective Study: Purchases Sought Post COVID-19 Lockdowns 1/2
50%
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
80%0
0
0
80%0
0
0
0
50% 80%0
0
0
0
0
Dresses & Shoes
Consumer Durables
Electronics
1 in 10 women
want to buy in
few days
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Starting Point 0 2 years10 30 90 300
In days
© Feedback Insights 33
Financial uncertainty has deferred all big tickets, with only Rapid Rao spending more easily than the others. Will take an year plus for this category to normalize. Trailing Tarun pushes all big purchases to 2021
Feedback Insights: COVID-19 Consumer Perspective Study: Purchases Sought Post COVID-19 Lockdowns 2/2
50%
50%
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
0
0
0
80%0
0
0
0
50% 80%0
0
0
0
0
LUXURIOUS ITEMS
BIG TICKET PURCHASE
REMODELING
80%
consumption
not reached in
the category
1 in 3 Tt do not
want to buy a
car/house now
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Starting Point 0 2 years10 30 90 300
In days
© Feedback Insights 34
Approx. one in three balk from taking new debt. Stock market still rules and has the confidence of all categories of investors
Feedback Insights: COVID-19 Consumer Perspective Study: Financial dealings Sought Post COVID-19 Lockdowns 1/2
Stocks/ Mutual Funds
Financing/ Loan
Gold
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
46% Mumbai
back in few
days0
50% 80%0
0
50% 80%
50% 80%
0
0
0
0
0
0
0
0
0
Steady Sam stays away, 80%
mark not reached. Trailing
Tarun does not reach 50%
Overall 1 in 5 stay
away from Gold
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
Starting Point 0 2 years10 30 90 300
In days
© Feedback Insights 35
Medical Insurance see a big surge, within weeks 50% of the sample plan to review/re purchase medical insurance
Feedback Insights: COVID-19 Consumer Perspective Study: Financial dealings Sought Post COVID-19 Lockdowns 2/2
LIFE INSURANCE
MEDICAL INSURANCE
Q: Please tell us when are you likely to start/ resume these activities after lockdown is lifted –
0
0
0
50% 80%0
0
0
0
50% 80%
0
Starting Point 0 2 years10 30 90 300
In days
Aa
Rr
Ss
Tt
Aa
Rr
Ss
Tt
© Feedback Insights 36
With an optimistic approach to Covid 19, the consumption
for most activities would be back on track within months
of Lockdown lifts or permissions granted.
The Big Ticket Purchase, International Travel and Loans see
hesitance in resumption
The biggest positive is the emergence of the ‘socially and
community’ conscious Indian Consumer who has reacted
to this Covid 19 episode in an united manner cutting across
segments, age, gender, location and occupation
Summary
© Feedback Insights 37
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