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Potential automobile and non-essential product purchases to be delayed by six months: OMG Media Group

A large number of potential automobile consumers have delayed purchases by six months. Spending on non-essential categories has decreased by more than 50%

Omnicom Media Group, in partnership with YouGov India, released a detailed report on Indian consumer segments during the Covid-19 crisis. The report talks about Covid-19’s impact on Indian consumers. According to the report, 60% of consumers have reduced spends on personal grooming products and 50% have reduced spending on non-essential products such as durables and automobile.

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The report says a number of potential car buyers have backed out and 33% of potential buyers might make a purchase after six months. A similar trend was noticed for the two-wheeler market where 30% in-market audience delayed purchases by six months. The market is better for financial products: 44% consumers across India and 46% in metros said they will buy the products as soon as they get a chance. 

The report says 52% are spending less on ordering food while 38% of Indians have stockpiled essentials. Younger consumers between 25 and 34 years have stocked more than the older groups. Spending on hygiene products such as toiletries, soaps and shampoos has also increased by 36%. According to the report, 31% of consumers will spend on personal apparels as soon as they get the opportunity.

Media consumption doubled

Being locked inside homes, people are consuming media more than ever before. Television consumption has increased by 70% across India. This growth is driven by a huge male audience. Meanwhile, OTT consumption has grown by 56% across the country: 54% of this growth is coming from metros while 59% is coming from tier 1 cities. The report says 64% of the OTT consumers are between 25-34 years old and 61% are between 35-44 years old.

The report says people are listening to more music during the lockdown as the consumption of OTT music streaming apps has increased by 49% across the country. This increase was noticed among younger and older consumers alike. Meanwhile, radio consumption increased by just 25% across the country. 36% of the total radio consumption is coming from the older age group, between 45-60 years.

YouTube records biggest consumption leap

According to the report, more people are spending time in consuming media and as a result, YouTube has recorded 70% growth in consumption across India. The platform has noticed a healthy growth in metros and tier-one cities alike. A majority of this growth is coming from the younger audience between 25-34 years of age.

This is followed by Facebook and Instagram, which witnessed a 50% and 40% increase in consumption, respectively, mainly from 25-34-year-olds. The report says consumption of news apps has increased by 58%; the growth was majorly noticed in tier-one cities. This trend is followed by increased online news searches. According to the report, there has been a 73% increase in online news consumption. The growth was noticed across the country in all the age groups.

Indians hopeful about getting out stronger

The report also studied the consumer’s mind during the crisis. According to the report, 80% of Indians feel the country will emerge stronger after the pandemic. However, close to 60% worry about the financial crisis if the pandemic continues longer. 85% of Indians are also worried about the daily wage workers and the less fortunate.

The report reveals more than 90% of Indians are satisfied with the Government’s measures taken during the crisis. However, a large number of the population is anxious about daily supplies of essential products. According to the report, seven out of 10 Indians fear of contracting the virus while a huge population is practising precautionary measures such as improving hygiene and wearing masks.

Click here to view full report.

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