Ukraine's invasion, economic crisis main concerns for Indians: Kantar rpt

Invasion of Ukraine remains the number one concern of Indians followed by economic worries and the cost-of-living crisis, according to Kantar’s Global Issues Barometer.

In India, 37 per cent of respondents mentioned the war, followed by 29 per cent, who mentioned economic issues as their top concern.

Kantar’s Global Issues Barometer study is an analysis of 800 people's attitudes in India in contrast with 11,000 people across 19 countries.

Climate and environmental issues have also emerged as their top three concerns, the report noted. However, the report noted that Covid-19 is no longer seen as a pressing issue like the rest of the world, except in China, where lockdowns are just lifting.

The war in Ukraine remains the biggest concern in India, but still remains lower than in Europe. Across the globe, 64 per cent people mentioned the war as a concern.

Price increases in fuel, food & drinks and household bills have been noticed the most and Indians are feeling the pinch of higher prices of white goods.

“While 35 per cent of the population said that its household financial situation is deteriorating, 46 per cent believe that the general economic outlook of their country is negative right now. People are struggling to meet living costs, with 32 per cent of households experiencing difficulties meeting their monthly outgoings and 11 per cent unable to meet their commitments,” Kantar said in its release.

It also said that the problem looks set to continue with 71 per cent of the respondents saying that inflation will continue to move up.

However, the a third of the people polled in India feel secure in their jobs and a expect pay rise to match inflation.

Also, two-thirds of the population believes businesses have a responsibility to solve the climate crisis, while 84 per cent of consumers want to buy environmentally sustainable products. However, they need brands to do more work on affordability.

Soumya Mohanty, managing director, South Asia, Insights Division, Kantar, said, “The current tempest of global events is affecting long-term plans as well as short-term behaviour of Indians. Beyond making cutbacks on general expenditure, people are rationalising their future savings and working harder.”

She said that luxury goods, entertainment and holidays look likely to be the sectors to suffer next. Almost half of households (41 per cent) are considering economising on entertainment subscriptions - one industry that did well during the Coronavirus (Covid-19) pandemic.

Almost three-fourths of respondents say the current turmoil is impacting their long-term life plans: saving for big future life events (47 per cent), children’s education (27 per cent) and retirement plans (24 per cent).

“So, the impact of this crisis lies in the future as much as in the present and can influence not just financial, but also emotional well-being. Brands must therefore recognise what matters in people’s lives and examine the brand's relevance in supporting people to overcome these challenges,” Mohanty added.

Deepender Rana, executive managing director, South Asia, Insights Division, Kantar, said, “Brands that can offer green affordable solutions are likely to be favoured and become mainstream. With inflation rocketing, in their daily lives, consumers are considering solutions that can help reduce energy and fuel expenditure.”