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1. IMPACT OF
COVID-19 ON
CONSUMER
BEHAVIOUR
(FINANCIAL)

2. RESEARCH METHODOLOGY
Research Design
Geography
The survey was administered with 30�5
audience across different age bands to
understand the change in behavior
among them with respect to the Covid-1�
pandemic.
Online Method -
Quantitative
Market Xcel adopted computer assisted
web interviewing (CAWI) module to
conduct the interviews. The web link was
shared with the target respondents and
they were requested to take part in the
survey through self administered
questionnaire. Post the survey, responses
got uploaded in the server and data was
analyzed.
The survey was conducted pan India,
representing all the 4 zones to get a
geographic representation of the country
as a whole.

3. DEMOGRAPHICS
To understand the perspective and the changing lifestyle due to Covid, we at MX conducted
3075 interviews across the four zones of the country. The survey was conducted pan India
targeted at respondents above 18 years of age. The representation is the natural fall. However,
there are substantial numbers in each cell to draw valid conclusions.
MALE
FEMALE
38%
62%
N=3075
FIG IN %
N=355 N=1419 N=962 N=284 N=55
62
38
58
65
35
82
18
42

4. FINANCIAL
BEHAVIOUR
` `

5. EXPENSE WILL INCREASE
POST LOCKDOWN
EXPENSE WILL DECREASE
POST LOCKDOWN
LOCKDOWN IMPACT ON YOUR
EXPENSES
Q) Post lockdown situation - What would you say with respect to each category of
products – do you think your expenses will increase/ decrease/ remain the same with
respect to these category of products/ services?
The lockdown has clearly changed the purchasing dynamics. People have clearly demarcated between essential and
non essential commodities. Grocery items and healthcare which are considered as a necessity, will see a surge with
respect to overall expense, whereas entertainment and lifestyle budget will definitely go down for sometime now.
Grocery
54%
Aggregator cab
service
N=3075
Fig in %
50%
Home appliances
52%
Apparels/clothing
55%
Movies in theatres
61%
Dining out
66%
Healthcare for
self/ family
53%

6. LOCKDOWN IMPACT ON YOUR
EXPENSES
Q) Post lockdown situation - What would you say with respect to each category of
products – do you think your expenses will increase/ decrease/ remain the same with
respect to these category of products/ services?
N=3075
Fig in %
Male
N=1903
Female
N=1172
Will increase post lockdown phase Will decrease post lockdown phase
Grocery
Apparels/clothing
Dining out with
family/friends
Healthcare for
self /family
Home appliances
/electronic goods
Entertainment- watching
movies in theatre
Using more of private/
aggregator cab service to
avoid public transport
52
15
22
54
18
63
50
15
19
52
20
61
28
49
56
13
21
56
15
69
56
11
18
52
20
60
27
51

7. EFFECT ON EXPENSES POST
LOCKDOWN
N=3075
Fig in %
18-25 Years
N=355
26-35 Years
N=1419
Will increase post lockdown phase Will decrease post lockdown phase
Grocery
Apparels/clothing
Dining out with
family/friends
Healthcare for
self /family
Home appliances
/electronic goods
Entertainment- watching
movies in theatre
Using more of private/
aggregator cab service to
avoid public transport
60
12
31
41
27
49
52
12
28
40
33
43
37
38
56
16
22
55
17
66
53
13
19
51
21
58
52 51
24
49
36-45 Years
N=962
52
13
20
58
14
70
14
70
56
14
16
57
16
67
30
46-55 Years
N=284
43
15
18
58
43
14
15
54
15
70
28
> 55 Years
N=55
49
13
11
60
13
73
40
7
15
58
11
67
18
62

8. Contactless shopping and transaction has seen a surge in mobile money/ payment wallet usage. People are staying away
from credit card usage as they do not incline to increase their credit card bills during this economic crisis.
CHANGE WITH RESPECT TO MODE
OF TRANSACTION
Q) Please share the changes that you experienced with respect to different modes of
transaction in recent time (during the lockdown phase)?
N=3075
Fig in %
OVERALL Using Liquid Cash Debit Card Credit Card
Mobile Money/
Payment Wallet
3 20 8 54
Remain the same 27 30 20 20
5 10 37 12
16 40 19 60
28 27 21 18
6 9 31 6
6 18 5 57
27 30 20 19
6 9 33 9
(1) 16 8 50
28 30 19 21
4 11 41 14
(8) 20 6 45
28 37 20 23
5 10 46 23
2 18 20 36
33 36 15 33
Change % (Increased – Decreased)
No use/ not using
Change % (Increased – Decreased)
Remain the same
No use/ not using
Change % (Increased – Decreased)
Remain the same
No use/ not using
Change % (Increased – Decreased)
Remain the same
No use/ not using
Change % (Increased – Decreased)
Remain the same
No use/ not using
Change % (Increased – Decreased)
Remain the same
No use/ not using 4 5 25 13
18-.sry52
N=355
26-.sry53
N=1419
36-.sry54
N=962
46-.sry55
N=284
.sry55>
N=55
`
`

9. DIGITAL PAYMENT MODES
Q) As you mentioned you are using mobile money/ payment wallet, could you
please share which of the following mobile money/ payment wallet you are using
at present?
The efforts to limit the fallout of the coronavirus pandemic by avoiding social contact, people are using these modes of
digital payments from the convenience of their homes through online channels like mobile banking, internet banking,
cards, etc. and avoid using cash. Where majority of the people are preferring Paytm(65%) followed by Google Pay(58%)
for smooth transaction.
Paytm
Google Pay
PhonePe
BHIM UPI
PayPal
Airtel money
Freecharge
PayU
Ola money
Vodafone M
Pesa
Overall
N=3075
65
58
43
23
15
12
12
4
2
2
66
59
49
27
17
13
13
4
2
3
64
56
34
17
11
11
9
3
2
2
77
68
59
41
24
22
19
6
4
3
66
63
48
25
14
12
13
4
2
3
62
54
36
16
11
10
9
3
2
1
56
38
29
17
14
7
7
2
2
64
22
16
15
31
20
11
4
Male
N=1903
Female
N=1172
18-25
Years
N=355
26-35
Years
N=1419
36-45
Years
N=962
46-55
Years
N=284
>55
Years
N=55

10. SATISFACTION REGARDING FINANCIAL
SITUATION
Q) How satisfied are you with your financial situation presently? Would you say
that you are very satisfied, somewhat satisfied, neither satisfied nor unsatisfied,
somewhat unsatisfied or very unsatisfied?
Q) Considering the present situation related to Covid-19 crisis, what impact will it
have on your earnings?
18
30 16
21
15
Overall
N=3075
Overall
N=3075
Male
N=1903
Very satisfied
19
28
14
20
18
12
14
16
39
19
Female
N=1172
17
32
19
21
11
18-25
Years
N=355
36
24
15
17
8
26-35
Years
N=1419
18
33
16
21
12
36-45
Years
N=962
13
27
17
23
21
46-55
Years
N=284
12
27
17
21
24
> 55
Years
N=55
20
36
7
22
15
Somewhat unsatisfied Very unsatisfied
Somewhat satisfied Nor satisfied neither dissatisfied
Male
N=1903
Will increase substantially
Will decrease substantiallyWill decrease somewhat
Will increase somewhat
12
15
15
36
21
Female
N=1172
11
12
19
44
15
18-25
Years
N=355
19
17
18
31
15
26-35
Years
N=1419
12
15
16
42
15
36-45
Years
N=962
10
12
18
38
23
46-55
Years
N=284
8
10
13
44
26
>55 Years
N=55
11
13
13
33
31
No change
At an overall level, 48% people evince satisfaction with their financial situation. The satisfaction level is more with the
teenagers as compared to older age bands. The pandemic will definitely have a negative impact on the economic
condition of the people. The sentiment is echoed by nearly 58% of the audience who fear their earning to be adversely
impacted in future.
N=3075
Fig in %

11. N=3075
Fig in %
THE EXPENSE CURVE
Q) Of the normal expense that you incur on a daily basis, what would you say
about your expenses in present situation?
The pandemic will have direct impact on the pockets of the consumers, as 8 out of 10 respondents estimate
their expenses to increase by over 10%.
`
Increase by
10-20%
Decrease by less
than 10-20%
20% 8% 33% 25%
Decrease by more
than 20%
Increase by more
than 20%

12. N=3075
Fig in %
The lockdown has clearly changed the purchasing dynamics. People have clearly demarcated between essential and non
essential commodities. Grocery items and healthcare will see a surge with respect to overall expenses, which are
considered a necessity, whereas entertainment and lifestyle budget will definitely go down.
SITUATION OF EXPENSES ON
DAILY BASIS
Q) Of the normal expense that you incur on a daily basis, what would you say about
your expenses in present situation?
My expenses
may increase
by 10-20%
My expenses
may increase
more than 20%
No change
in my
expenses
My expenses may
decrease by less
than 10-20%
My expenses may
decrease by 20%
or more
Male 19%
Female
26-35 years
46-55 years
22%
18-25 years
36-45 years
> 55 years
17%
23%
20%
20%
25%
7%
9%
6%
8%
8%
7%
5%
15%
14%
13%
18%
14%
15%
11%
33%
33%
29%
29%
35%
34%
31%
26%
22%
36%
23%
23%
23%
27%
`
`
`
`

13. UNCERTAINITY WITH RESPECT TO
FUTURE SAVINGS
Q) How do you see your future savings in the wake of present situation?
Male
N=1903
Female
N=1172
18-25
Years
N=355
26-35
Years
N=1419
Overall
My savings will decrease
by more than 50%
My savings will decrease
by 25-50%
My savings will decrease
by 10-25%
My savings will decrease
by less than 10%
17 18 15 19 15
23 21 23 22
25 29 26 28
11 12 11 13
10 9 6 8
6 6 7 6
6 6 7 6
2 2 1 2
22
26
11
The situation will leave
no impact on my savings10
My savings will increase
by 25-50%
My savings will increase
by 10-25%
6
My savings will increase
by less than 10%
2
6
36-45
Years
N=962
46-55
Years
N=284
>55 Years
N=55
19 19 18
22 20 18
24 24 31
10 10 7
12 15 11
5 4 4
6 6 5
2 2 5
Deduction in earning will have direct impact on the personal savings where people fear reduction in
savings, with majority anticipating reduction by up to 50%. The feeling is on similar lines across gender
and age band(s).
N=3075
Fig in %

14. DIFFERENT INVESTMENT OPTIONS
Q) Considering the present situation related to Covid-19 crisis, what will you say
about your future investment behavior?
N=3075
Fig in %
N=3075
Fig in %
16
20
21
10
21
4
6
3
17
20
20
10
20
4
6
3
14
20
22
10
22
5
6
2
50%
25-50%
10-25%
<10%
<10%
25-50%
10-25%
No investment
My investments
will decrease
OR increase by
Overall
N=3075
Male
N=1903
Female
N=1172
22
20
20
9
18
5
4
2
14
21
22
11
19
5
6
2
15
20
21
9
22
4
6
3
19
18
17
6
25
4
8
3
16
20
18
15
18
4
2
7
50%
25-50%
10-25%
<10%
<10%
25-50%
10-25%
No investment
My investments
will decrease
OR increase by
18-25 years
N=355
26-35 years
N=1419
36-45 years
N=962
46-55 years
N=284
>55 years
N=55
With little savings, people are not much inclined for any type of investments. Investments
will follow a downward graph.

15. N=3075
Fig in %
DIFFERENT INVESTMENT OPTIONS
Q) If tomorrow you were to invest, where will you plan to invest to get maximum
return?
Debt
Equity
Mutual
Funds
Public
Provident
Fund
National
Pension
Scheme
Fixed
Deposits
Bonds SIPs
DIFFERENT
INVESTMENT
OPTION
Overall
N=3075
Male
N=1903
Female
N=1172
18-25 Years
N=355
26-35 Years
N=1419
36-45 Years
N=962
46-55 Years
N=284
> 55 Years
N=55
7
29
14 10
34
8 12
8
31
15 11
32
9 14
4
27
12 10
36
7 9
14
39
14 8
35
12 14
6
32
14 10
34
8 12
5
24 15 11
33
8 11
5
24
13 12
30
6 11
5
22 13 11
38
24
11

16. DIFFERENT INVESTMENT OPTIONS
Q) If tomorrow you were to invest, where will you plan to invest to get maximum
return?
Recurring
Deposits
Stocks
& Shares
Policies like
Sukanya
Samridhi
Yojana etc.
Gold
Will Keep
Hard Cash
Property/
Real estate
N=3075
Fig in %
DIFFERENT
INVESTMENT
OPTION
Overall
N=3075
Male
N=1903
Female
N=1172
18-25 Years
N=355
26-35 Years
N=1419
36-45 Years
N=962
46-55 Years
N=284
> 55 Years
N=55
11 13 10
24 13 12
11 15 10
22 12 13
12 10 9
26 15 10
13 20
8
25 14 12
11 13 10
25 12 12
11 12 11
22 14 13
13 8 9 18 16 10
11 16
5
25
11 7

17. IN A NUTSHELL…
The spread of COVID-19 and the lockdown has made enormous unsettling
influence to the lives of billions of people across the globe. The effect of the
pandemic is unprecedented. It is changing consumption patterns of people and is
altering the consumer behavior.
Contactless shopping and transaction has seen a surge in mobile money/ payment
wallet usage. The preference is mainly with Paytm(65%) followed by Google
Pay(58%) People are staying away from credit card usage as they do not incline
to increase their credit card bills in this economic crisis.
The pandemic will definitely bear a negative impact on the economic condition of
the people. 8 out of 10 respondents estimate their expenses to increase by 80%
in this volatile situation. Deduction in earning will have direct impact on the
personal saving by 10-50%. With little savings, people are not much inclined for
making any type of investments. Investments will follow a downward graph.
People who are inclined for some investment will go for fixed deposits that any
other investments to minimize the risk factors.
Contactless purchase and social distancing are the new norms that the people are
living with. Post lockdown will witness a change in buying behavior with majority
of respondents preferring to switch to online mode rather than traditional
shopping (visiting kirana store).