Income decline turns shoppers frugalA massive spike in unemployment, economic uncertainty and declining consumer confidence has led buyers to become risk averse.
They are seeking products and services that deliver value and quality. Market researcher Nielsen reported visible signs of consumers either downgrading to more affordable (mass and popular) offerings or shifting towards value for money large packs.Euromonitor said India’s middle-income households that fall under the social economic classification (SEC) C and D—that form 58% of India’s households—are expected to see a 20% year-on-year decline in consumer spending owing to income losses.