Second COVID-19 Wave, Changed Consumer Behavior & the Effect on Indian Economy

COVID-19
Lokendra Ranawat, Co-Founder & CEO, WoodenStreet is talking about second COVID-19 wave, changing consumer behaviour and the effects on Indian economy.

Stands true, in case of the present scenario that the nation is witnessing. Since April 2021, India has been witnessing a surge in COVID-19, and the country is seeing over 3 lakh fresh cases on a daily basis. This increase in the rate of infectious cases leads to demands of oxygen supplies to a great extent and a shortage of beds in hospitals.

The Second COVID-19 Wave in India

Late in March 2021, the second wave of the virus spread like wildfire in the nation. India, which is the second-worst COVID-19 hit country, currently has over 18+ million cases.

While, if we talk about the number of COVID-19 patients admitted in the hospital, it has substantially increased from the past year. However, the death rate is lower than the previous time so far.

COVID-19

Throwing light on the symptoms of the current wave, including fever, body ache, cough, cold, and loss of smell & taste, many this time are also witnessing additional symptoms like conjunctivitis, headache, diarrhea, and discolored fingers and toes, as said by the Healthcare experts.

Changed Consumer Behavior

This pandemic has changed the world as it was earlier. From the thinking pattern of people to shopping for goods, everything is much changed.  We are working differently, buying things differently, communicating differently and all these just for the sake of good.

Adapting New Purchasing Pattern 

This pandemic has led to the huge change in the purchasing behavior of consumers. People are now looking at things with a new lens like what and how to buy. The health and worries of people has made them switch to buying more hygienic and health care products.

This crisis has also made consumers migrate towards online shopping and the good thing is that they’re actually adapting it to a great level.  Also, consumers are now playing more smartly in terms of what they’re buying. They’re now shifting their ways to limit the wastage of food and move towards sustainability.

Being Socially by Maintaining Social Distancing

While it has changed the way people connect with each other earlier, but it didn’t separate them. People are now adapting to new technologies and ways to be in touch with friends & families.

From young children to senior citizens, everyone is grasping the technology to support this crisis at its best. As per the latest research, overall 80% of people feel more connected with their communities through a digital medium.

A Virtual World due to COVID-19

Be it about students attending online classes, people attending yoga sessions or employees doing WFH, everyone is moving in a virtual world in some or the other way. And, this is not a new anymore to anyone because in the first wave, people practiced these changes in their lives and now they are trying to excel in this world called “Virtual.” 

People are living their life virtually as this pandemic has closed the doors to educational institutions, offices, businesses and almost everything except the essential services which has encouraged the remote era. 

Impact on Indian Economy in Corona Virus Second Wave

The impact of COVID-19 on Indian economy has been hit hard during the second wave of this virus in the country. Sectors like hotel industry, tourism, hospitality business, trade sector, aviation, etc. will face the crisis at a higher level; other sectors will face its effect sooner or later.

As per the latest reports, there has been 20% reduction in domestic travel and about 75% reduction in international travel bookings. Hotel booking rates have also decreased from 70% to 20%. There has been a down of 30-35% in the restaurant business too and losing a business at some extent daily.

As per recent data, India’s ongoing GDP losses are likely to be approx. $5-10 billion (0.15 – 0.35 percent of GDP). With a more than 20% cut in benchmark indices, the Indian equity market has entered the bear market territory.

While everyone, including the Government of India, is trying hard to break the infection, the economic damage could have an unforeseen chain of events affecting the medium-term growth.

As they say, every negative impact may have a positive aspect to it. As humans, we need to fight the outbreak by staying united and following basic health and hygiene guidelines directed by the Government and WHO of India. We have to believe in this fact that the business landscape will alter and together we will overcome this virus. We will be back in the market with full freedom and the economy will take a hike soon.

Authored by Mr. Lokendra Ranawat, Co-Founder & CEO, WoodenStreet

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