×
479
Fashion Jobs
MOLEDRO
Operation Manager
Permanent · NEW DELHI
MOLEDRO
HR &Admin
Permanent · NEW DELHI
MOLEDRO
Brand Manager
Permanent · NEW DELHI
MOLEDRO
sr Fashion Designer / Production Manager
Permanent · NEW DELHI
ADIDAS
Manager Information Security
Permanent · GURUGRAM
ADIDAS
sr. Manager Sales Excellence
Permanent · GURUGRAM
CL GUPTA RETAIL PRIVATE LIMITED
Production Manager Cum Quality Control Manager
Permanent · Noida
UGRAYA FOODS
Production Manager || Agartala (Tripura) || Poultry Feed Industry
Permanent · Agartala
GOVIND KRIPA INFRATECH PVT. LTD.
HR/Telecalling/Sales Manager/Sales Executives/Asst. Sales Manager
Permanent · Jaipur
JUMBO BAGS
Manager- Production (Fibc / Woven Polypropylene Industry)
Permanent · Chennai
ADIDAS
Manager, Masterdata And Product Launch (.Com & Digital Partners), Apac
Permanent · GURUGRAM
ADIDAS
Manager, Digital Backend Operations, Apac
Permanent · GURUGRAM
THE HOUSE OF DEEPTHI LIMITED
Production Manager
Permanent · MUMBAI
MANPOWERGROUP SERVICES INDIA PRIVATE LIMITED
Hiring-Field Sales Manager
Permanent · Chennai
YUTIKA NATURAL
Area Sales Manager (Guwahati)
Permanent · Katihar
LENSKART
Area Operations Manager
Permanent · Chennai
ELECTRONICA FINANCE
Area Sales Manager - Mumbai- Vasai
Permanent · Mumbai
ADIDAS
Manager Learning & Development & Knowledge Management (M/F/D)
Permanent · CHENNAI
D.LIGHT
Hiring For Area Sales Manager | Bihar | d.Light Energy
Permanent · Patna
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED
Loan Against Securities - Area Sales Manager
Permanent · Chennai
ANAND RATHI GLOBAL FINANCE
Hiring For Area Sales Manager Sme- Lap
Permanent · Mumbai
CURLYFE BIOSCIENCES
Senior Area Sales Manager
Permanent · Ghaziabad
By
Fibre2Fashion
Published
Sep 20, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

69% of Indian consumers have inflation concerns

By
Fibre2Fashion
Published
Sep 20, 2022

Consumers in India are concerned about rising costs even as they reaffirm their confidence in the strong and positive outlook of the Indian economy with 71% stating that the economy will recover within a year, according to a recent survey. The rising cost concern is affecting the majority of all income levels, but more so the rich income group representing 82%, followed by the middle class representing 72% and low income representing 67%.



Consumer loyalty is likely to be impacted as Indian consumers are feeling the pinch of inflation, according to the 10th edition of the Earnest & Young Future Consumer Index by data services company Ernst & Young Global Limited.

The research reveals a significantly pessimistic economic outlook from the Western markets when compared to emerging markets: Many more consumers from the US (54%), UK (65%), Germany (84%), and France (85%) believe life will remain the same or worse over the next three years, compared to Brazil (21%), India (24%), Saudi Arabia (37%) and China (38%).

Forty-nine percent of Indian consumers say their situation is better off compared to what it was 3-4 months back, and 83% are positive that their financial situation would be better off within one-year (globally 47%).

Even under inflationary pressure, while ‘price’ is the top criterion for purchase in global markets, factors such as ‘health and goodness’ emerge as equally important decision drivers for Indian consumers.

“Growth will come at a cost, and companies need to review their value delivery mechanism instead of simply raising prices. The long-term aspirational needs of the consumer need to outweigh the short-term challenges that consumers face. This means continuous innovation for greater value delivery through improved functionality or lower costs,” Angshuman Bhattacharya, national leader – consumer products and retail, EY India, said in a press release.

Customer loyalty is wavering under inflationary pressures, making space for new brands often offered online. Forty-two percent are trying new brands to reduce costs, and 63% are willing to purchase a store brand/private label.

The EY survey also highlighted that the preference for online shopping has become a habit and shall continue to stay. A majority (62%) of Indian consumers are apprehensive of sharing personal information on websites or apps, vis-a-vis their global counterparts at 36%, because of data security and ID theft. This is closely followed by other channels like email (61 per cent), e-banking transactions (57 per cent), and social media (56 per cent).

“E-commerce is here to stay, in various forms such as B2C, D2C, and B2B. The journey has just begun, but the channel remains an expensive one to operate in. Cost pressures are likely to make brands review their e-commerce unit economics, and take a prudent path towards a choice of operating models which are profitability accretive,” added Bhattacharya.

The 10th edition of the EY Future Consumer Index surveyed 18,000 consumers across the U.S, Canada, Mexico, Brazil, Argentina, Chile, the UK, Germany, France, Italy, Spain, Denmark, Finland, Sweden, Norway, Australia, New Zealand, Japan, China, India, Indonesia, Thailand, Saudi Arabia, and South Africa and concluded in June 2022.

Copyright © 2022 Fibre2Fashion. All rights reserved.

Tags :
Industry