“Life is what happens when you are busy making other plans.”
This stands true, in the case of the present scenario that the nation is witnessing. Since April 2021, India has been witnessing a surge in Covid-19, and the country is seeing over 3 lakh fresh cases on a daily basis. These increases in the rate of infectious cases lead to the demand for oxygen supplies to a great extent and a shortage of beds in hospitals.
Changed Consumer Behavior
This pandemic has changed the world as it was earlier. From the thinking pattern of people to shopping for goods, everything has changed. We are working differently, buying things differently, communicating differently, and all these just for the sake of good.
Adapting to New Purchasing Pattern
This pandemic has led to a huge change in the purchasing behavior of consumers. People are now looking at things with a new lens like what and how to buy. The health and worries of people have made the switch to buying more hygienic and health care products. This crisis has also made consumers migrate towards online shopping and the good thing is that they’re actually adapting it to a great level.
Also, consumers are now playing more smartly in terms of what they’re buying. They’re now shifting their ways to limit the wastage of food and move towards sustainability.
Being Social while Maintaining Social Distancing
While it has changed the way people connect with each other earlier, but it didn’t separate them. People are now adapting to new technologies and ways to be in touch with friends and families. From young children to senior citizens, everyone is grasping the technology to support this crisis at its best.
As per the latest research, overall 80 percent of people feel more connected with their communities through a digital medium.
A Virtual World
Be it about students attending online classes, people attending yoga sessions, or employees doing WFH, everyone is moving in a virtual world in some or another way. And, this is not new anymore to anyone because in the first wave, people practiced these changes in their lives and now they are trying to excel in this world called “Virtual.” People are living their life virtually as this pandemic has closed the doors to educational institutions, offices, businesses, and almost everything except the essential services which has encouraged the remote era.
Impact on Indian Economy
The impact of COVID-19 on the Indian economy has been hit hard during the second wave of this virus in the country. Sectors like the hotel industry, tourism, hospitality business, trade sector, aviation, etc. will face the crisis at a higher level; other sectors will face its effect sooner or later.
As per the latest reports, there has been a 20 percent reduction in domestic travel and about 75 percent reduction in international travel bookings. Hotel booking rates have also decreased from 70 percent to 20 percent. There has been a down of 30-35 percent in the restaurant business too and losing a business to some extent daily.
As per recent data, India’s ongoing GDP losses are likely to be approx. $5-10 billion (0.15-0.35 percent of GDP). With a more than 20 percent cut in benchmark indices, the Indian equity market has entered the bear market territory.
While everyone, including the Government of India, is trying hard to break the infection, the economic damage could have an unforeseen chain of events affecting the medium-term growth.
As they say, every negative impact may have a positive aspect to it. As humans, we need to fight the outbreak by staying united and following basic health and hygiene guidelines directed by the Government and WHO of India. We have to believe in this fact that the business landscape will alter and together we will overcome this virus. We will be back in the market with full freedom and the economy will take a hike soon.