| Popis: |
As forecasted and anticipated by experts and economists, Q1, 2020 results showed a major contraction in the growth of the Indian economy. Looking ahead, data for economic indicators in August 2020 brought some cheer and a ray of hope for the Indian economy. Economists were deliberating in terms of the country witnessing a V- shaped recovery as the economy slowly and steadily unlocked and regulations were eased. McKinsey in July 2020 had indicated that consumer sentiments were at a low and reflective of the uncertainty created by the virus. The chapter discusses how there had been a shift to mindful shopping including some trading down of value. It delves into how the novel coronavirus had led to a behavioural change in consumers and changed consumer preferences. RBI, in its Consumer Confidence Survey report published on 6 August 2020, stated that consumer confidence had plummeted in July 2020 with the Current Situation Index (CSI) show an all-time- time low. With consumers hesitant to step out of their homes to shop, there was an absence of the demonstration effect of customers. The unprecedented situation created by the virus required organizations to go back to the drawing board and re-strategize. The chapter discusses how with the festival season coming up and keeping in mind that consumer behaviour was influenced deeply by cultural factors, brands and companies could have explored utilizing the ‘Nudge theory’ in wooing back customers. |
