The second Covid wave appears to have hit the consumers harder with as many as 79% of over 70,000 surveyed believing their household earnings will decline in the current financial year (2021-22).
The survey, conducted by Localcirles, across 382 districts of India of which 43% respondents Tier-1 cities, showed 49% expect a decline in their savings.
The survey also showed that 65% of households paid up to 100% this year for vegetables compared to last year as many wholesale markets were closed.
At least 79% respondents said they were getting less value for same money spent on the monthly essentials and grocery bills compared to last year.
"India’s economy started to recover from the first Covid wave-led lockdowns and restrictions from September 2020 and many are yet to fully recover from the giant fall in their personal income facing job loss, salary cuts and delays. Amidst the deadlier second wave of Covid, the rise in prices of household necessities has only added a burden to household woes, especially for low and middle-income earning households," the survey said.
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(Published 16 July 2021, 18:13 IST)
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