Dampened sentimentThe report divides Indian consumers into three segments: the affluent, who make up around 10% of the population (those with an income of over ₹60,000 per month), the mid-market, who make up around 20% of the population (those with an income between ₹60,000 and ₹20,000), and the mass market, who make up 70% of the population (those with an income below ₹20,000).According to the report, while overall consumption has seen some signs of recovery, with levels rising 19% from April, consumption in the mass market segment continues to be 40% below the pre-covid-19 levels.
According to Abhishek Agarwal, chief executive officer, CreditVidya, this is because this section is still struggling to cover the basics such as putting food.