Indian consumers most positive about economic rebound: IBM study

About 39 per cent of Indian consumers believe that the economy will slowly recover over the next few months followed by a sharp rebound returning to pre-Covid levels by the end of 2020, in comparison with the global average of 32 per cent, said an IBM study on Monday.

The results suggest that Indian consumers are most positive about a sharp economic rebound to pre-COVID levels by the end of this year.

This is despite the fact that 52 per cent of the participants said that they saw an increase in monthly household expenses, while 50 per cent consumers reported a decline in monthly household income.

About 70 per cent of Indians are concerned about a second wave of Covid-19 hitting later in 2020, said the report.

An overwhelming majority in all countries indicate that they will see more pandemic events like this in the future.

The survey showed that the levels of concern and uncertainty are high across consumers in all the countries surveyed.

It is unlikely that the new habits and preferences people are forming amidst the pandemic will dramatically change, even when a vaccine becomes broadly available, said the report by IBM Institute for Business Value.

For the study, more than 14,500 adults were surveyed in Brazil, China, Germany, India, Mexico, Spain, the United States, and the UK, in August. The sample size from India was around 3,000 consumers.

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The report showed that while remote work continues to be an attractive option for most, the appeal may be fading for some as just 33 per cent of Indian consumers said they prefer to continue to work remotely, exclusively.