43% Indian consumers record decline in household income: Experian Global

Mumbai: Credit information company Experian on Wednesday said 43 per cent of Indian consumers witnessed a decline in their household income owing to the impact caused by the pandemic. It added that these households were concerned about their well-being.

Though this concern was not only restricted to consumers, 53 per cent Indian businesses highlighted health & safety of customers as the biggest challenge.

As part of the Experian Global Insights Report, the credit information company said it’s research shows major shifts in consumer behaviour and business strategy pre- and post-COVID-19.

“The impact of the COVID-19 pandemic has caused both businesses and consumers to shift their priorities,” said Sathya Kalyanasundaram, Managing Director, Experian India. “With social distancing becoming the norm, consumers have had to get out of their comfort zone by letting go of conventional methods and adapting to the digital way of conducting their daily affairs. This also means that banks and financial institutions must be very careful in how they treat consumers in these tough times.”

The survey also showed that India saw the largest incremental growth in the use of digital banking and payment methods since COVID-19, with 16 per cent increase in the use of mobile wallets and 14 per cent increase for retail apps.

Customers also recorded increase in online activities online during the pandemic as compared to before. Nearly 50 percent consumers said they expect an increase in online spending; both the short-term and within the next 12 months.

The report also says that 74 per cent consumers in India more strongly indicated that businesses are doing a better job at communicating about the use of their personal data since COVID-19.

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