Corona affected by big drop in consumers’ savings

Though the economy is recovering from the tremors of the Covid-19 pandemic, it still has an impact on household savings. The lockdown imposed to overcome the infection has resulted in a large decline in the savings of a large number of consumers. The reason is job loss, salary cuts and payment delays.

LocalCircles survey… People could not recover from the fall in nine months

LocalCircles’ half-yearly survey says that the epidemic has now been nine months. A large number of consumers have not recovered from the deterioration in their financial position due to loss of employment and wage cuts. It will take a long time to recover from this. Of the 8,240 people surveyed, 68 percent said that their savings in the last eight months had plummeted due to the epidemic.

The survey has been conducted to assess consumer spending trends during the festive season, spending plans in four months, expected family income and savings status by March. The survey received around 44,000 responses from 302 districts of the country. This includes 62 percent of men and 38 percent of women.

Plan to spend only 10,000 in four months

Nearly 50 percent of the people surveyed said they would spend on discretionary products or assets over the next four months. About 10 percent say that they plan to spend more than Rs 50,000 on their discretionary purchases in the next four months. At the same time, 21 percent will be able to spend 10,000 to 50,000 rupees during this period.