The China model does not work that well because as several marketers have pointed out, Indian consumers behave and buy differently from their counterparts in the neighbourhood. According to the Nielsen report, discretionary spends will drop, health and hygiene along with financial security will play a big role in consumption decisions, consumers will get even more conscious about quality and source of produce.
Priya Lobo, CEO, Ormax Consumer Compass, one of the old marketing and consumer behavior research agencies in Mumbai says that no one is thinking of millennial buyers any more. She foresees a sharp shift towards the family as a consumer unit.
Shukla says that there seems to be a near unanimous understanding that the shared economy—be it shared mobility, rental furniture, co-living spaces—will shrink. However many companies
are still working out the ways in which this will map into the other overwhelming consumer behavior trends that have emerged in the lockdown—frugality, environment consciousness and a desire to be more mindful of consumption.
The first few months are going to be hardest for public spaces, restaurants, movie theatres and travel.
The Nielsen report said that 64 per cent intend to spend less on restaurant and movie theatre visits, more than 54 per cent plan to decrease spends on automobiles. How do brands keep the flame burning in the new world? Lobo believes that many brands will appeal to family values and to the women in the household as trust building will be paramount as will be mindful expenditure.