The pandemic which started as a public health emergency not seen in almost a century, quickly transformed into a supply shock, and then to a private consumption contraction on an unprecedented scale.
An ongoing weekly survey in April 2020, by Bain & Company and People Research on India’s Consumer Economy (PRICE), of about 500 households across different locations and economic strata, reveals that consumer sentiment and demand is undergoing a steady and deep decline which will go beyond the here and now.
Within two weeks into the nation-wide lock-down, nearly forty percent of households started reporting a week-on-week decline in consumption.