Financial priorities of Indians are evolving amid the pandemic with more and more Indians turning towards saving, according to a report by KPMG. The 'Me, My Life, My Wallet Report 3.0' showed that about 50% of the respondents have started investing more in saving instruments post pandemic.
It further revealed that 85% respondents are likely to stick to their savings plan even with a 10% fall in their income. Around 70% respondents across all age groups are concerned about their future finances as against 49% globally. Also, 67% respondents mentioned that they would be uncomfortable with brands that track digital activity for greater personalisation.
As per the survey, around 47% respondents mentioned that they were keen to pay a premium for data privacy and 45% respondents placed protection of their data as the most important element they expect from companies as against 55% globally. The KPMG report also showed that 60% respondents displayed active participation towards replacing foreign brands with indigenous goods.
Further, 41% respondents across all age groups are willing to pay a premium for indigenous goods. Non-metro respondents (45%) are more willing to pay a premium for indigenous goods as compared to metro respondents (40%). Price and product review stood out as the most important decision factor (77%), followed by product composition, while packaging was the least determining factor when making a purchase.
KPMG in India Partner and Head, Consumer Markets and Internet Business, Harsha Razdan, said: "The consumer sentiments have been changing manifold over the past few months in the current scenario. Going forward, organisations need to evaluate and invest in studying consumer profiles, keeping in mind the larger picture."
"The typical Indian consumer has gone past the traditional definition of being price conscious. Today consumers are considering intangible assets such as brand's goodwill, equity, ethics and purpose more while making their purchase decision. The rewards for firms who are able to comprehend, acknowledge and act on this mind shift are substantial," KPMG in India Partner, Business Consulting, Abhijeet Ranade said.