NEW DELHI: Consumers are willing to spend on their health and wellbeing, despite financial uncertainty, according to the results of a consumer survey conducted by Accenture.
The consultancy has been mapping consumer behavior and sentiment since the start of the pandemic.
The latest survey, conducted in 16 countries including India, mapped responses from 11,000 consumers. Accenture’s 2022 Consumer Pulse Survey offers insights into consumer outlooks, sentiments and behaviors.
The survey results revealed that even in the face of widespread uncertainty and personal financial constraints, consumers view health and fitness as essential, alongside groceries and household cleaning products.
Although two-thirds (66%) of survey respondents said they felt financially strapped, 80% also said they intended to maintain or increase their spending on health-related areas. and fitness over the next year.
Companies must meet these consumer needs in all markets.
“While the mind share for health and wellness as a category in India is growing at a rapid pace, the market size is relatively smaller. We believe there is a huge opportunity for companies of consumer goods in India to really listen to changing consumer needs and reinvent their strategy and product portfolio accordingly, explore the adjacencies of their business models and focus on building trust and credibility with consumers,” said Anurag Gupta, managing director and head of strategy and consulting at Accenture in India.
Meanwhile, more than four in 10 respondents (42%) said they increased the amount of physical activity, a third (33%) of respondents said they focused more on self-care, such as taking a bath or a beauty treatment. treatment – than a year ago.
Manish Gupta, Managing Director and Head of Products, Accenture India, said trends are visible where cross-industry partnerships in consumer electronics, wearables, healthcare, insurance, goods consumption, automotive, among others, take place.
“To succeed in the post-pandemic economy, consumer-facing businesses need to further evaluate their existing offerings, push the boundaries in terms of ecosystem partnerships, and take bold steps to grow their business,” Gupta said.
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