Social and governance - Latest News Update, Information, Photos & Videos on Social and governance at Lokmat Times

New Delhi, Oct 27 The Indian consumer and retail sector is all set to bounce back strong with e-commerce gaining a stronghold in the post-Covid-19 world. Grant Thornton Bharat's survey on consumer buying trends has revealed that 75 per cent of respondents are ready to spend as much/more than the pre-Covid-19 levels.Over 4500 respondents participated in the survey conducted across digital platforms."The data is a positive indicator for the consumer and retail sector, hinting at increased consumer confidence and heightened optimism backed by mass vaccination drive, better spending capacity and uptick in economic activity," Grant Thornton Bharat Partner and National Sector Leader, Consumer and Retail, Naveen Malpani, said.According to the survey, 52 per cent of the respondents said they prefer the hybrid shopping model (online + offline). Consumers are increasingly engaged in both digital and physical touch-points to make informed decisions. Clothes and accessories (28 per cent) and mobile phones (25 per cent) have the highest share of the pie in items people prefer buying online.Interestingly, the survey also revealed that 58 per cent prefer to buy high-end luxury products online rather than going to branded stores."More than half the respondents favoured buying luxury branded products online, hinting at the level of trust that these e-commerce portals hold. Businesses may need to adapt to such a buying shift rather than chase new store openings for driving sales," Malpani said.An increasing number of consumers are becoming environment conscious and socially responsible, as 63 per cent respondents agree to being more drawn to purchasing environment sensitive products.Companies need to now spend a higher share of their budget on products that don't/least harm the environment, thereby making ESG (Environmental, Social and Governance) compliance a key agenda in their corporate strategies.The survey also indicates at a great opportunity for local manufacturers, as people are more attracted to locally sourced products. As many as 62 per cent of the respondents said that mentioning the country of origin of a product would impact their buying decision.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Social And GovernanceFOLLOW

Social and governance, Latest News

International :7 in 10 Indians ready to loosen purse strings this festive season: Survey

New Delhi, Oct 27 The Indian consumer and retail sector is all set to bounce back strong with ... ...