ARE WE READY FOR THE NEW NORMAL POST
COVID-19?
COVID-19 is a black swan event, a human tragedy with a long-term economic implication. Everything that we knew about the way the world conducted business prior to March 2020 has changed, and it will continue to change. In the next few quarters consumer behaviour, changed media consumption, partial relaxation of restrictions, drop of discretionary spends and many other factors will define a new normal for more than just purchase patterns.
Indian companies have also taken a hard hit with Indian consumer preferences undergoing change. Not only is this pandemic coercing consumers out of their normal practices but it is also shaping them to adopt new habits that many expect will continue in the long term.
Following the conventional wisdom around the typical spending trajectory, Generation Y (between 22 and 37 years) more commonly referred to as Millennials, have been India’s biggest spenders, as they move into their prime earning and spending years and thereafter dominate conversations around product strategy, marketing, and the economy at large. They have been spending more on discretionary items and less on necessities such as food and clothing.
As thought leaders in the MarTech space, and with the added advantage of a diversified industry exposure, we delved into insights which are actionable, by leveraging our own proprietary PIN code level market potential data for various industries and customer intent data. We have observed some interesting patterns across age groups before and after COVID-19.