At the very beginning, when the Indian Government announced the lockdown, you must have seen a long queue in the grocery stores. No one was interested in the hoarding of gold, silver, or luxury items as people do during normal time. In the wake of the COVID-19, Indians spending habits proved that the outbreak is the pinch in their wallets. In India, there is a drop in consumer spending, and digital payments become the preference. Indians turned more rationale consumers as the pandemic rolls on. Moreover, out of pocket spending on healthcare has also increased, and millennials realized the importance of health insurance policy. So, let's check out more about how Indians have been spending during the corona crisis:
Initially, people were under the impression that lockdown would prolong, and daily needs would be scarce. They have started hoarding groceries and other essential items. However, touch wood! No such situation occurred. But, the threat of corona lockdown has limited their spending and brought it down by a significant margin. Groceries, hygiene essentials, dairy, etc. become their priority.
A large part of the Indian population followed the lockdown protocols diligently. However, when it comes to entertainment or making payments, people prefer digital services. From phone banking to payment wallets to subscriptions for web series, yoga classes, wellness apps, everything has turned into digital. People are getting adaptive to this digital wave really fast.
Earlier, people prefer online shopping only when they get a good discount or offer. But, when the pandemic started, it becomes a lifeline for many. Online shopping apps serve as a common platform for consumers and sellers to buy and sell their goods and services even when all the wheels were on halt. It is easy and safe. These days, from food to clothes, medicines, dairy, poultry, etc. people are buying online and happy with the cashback offers while sitting at home.
Safety plays a vital role when it comes to spending behavior. Medical uncertainty is prevailing since corona has started, and people are worried about their healthcare. During this time, when treatment turned out of pocket expense for many, health insurance has become a preference. Care Health Insurance (formerly Religare Health Insurance) is standing firm with its valuable customers in this corona pandemic and offers Care-the most comprehensive medical insurance plan online. It covers medical and treatment expenses and provides coverage even for coronavirus(subject to policy terms and conditions). It reduces the monetary burden that occurs due to emergency hospitalization.
So, sailing back through this turmoil is difficult for many Indians. EMI, rent, electricity bills, health care expenses are all simmering in their background. People are worried about their finances and are still how to cope up with the financial jerks. Of course, changing buying pattern and consumption behavior help citizens to take a sigh of relief.