Consumer product companies looking at a brighter post-Covid-19 future
In the past few months, the Covid-19 pandemic has severely impacted most industries, with significant disruption in their day-to-day business operations. Consumer product companies have not been spared, either, as the crisis has impacted several consumption categories, including discretionary goods like appliances and alcoholic drinks. On the other hand, largely essential categories like grocery staples, packaged foods, home and hygiene products have continued to see high demand. Shift in consumer behaviour The pandemic has caused a shift in consumer behaviour, some temporary and some that will have a long-term effect. According to EY’s latest survey of 1,046 Indian consumers titled Future Consumer Index, that is conducted monthly to gauge the shifting consumer sentiments, the Covid-19 crisis is being defined by four distinct consumer behaviour segments - “Hibernate and spend”, “Cut deep,” “Save and stockpile” and “Stay calm, carry on”. Consumers that fall into the “Cut deep” gro...