Consumers willing to spend on health, well-being, says survey

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NEW DELHI: Consumers are willing to spend on health and well-being, despite financial uncertainty, according to findings of a consumer survey conducted by Accenture.

The consulting firm has been mapping consumer behaviour and sentiment since the onset of the pandemic.

The latest survey, conducted in 16 countries including India, mapped responses from 11,000 consumers. Accenture’s Consumer Pulse Survey 2022 offers insights into consumer outlook, sentiment, and behaviors.

The survey findings revealed that even in the face of widespread uncertainty and personal financial strains, consumers consider health and fitness as essentials, alongside groceries and household cleaning products.

Even though two-thirds (66%) of survey respondents said they feel squeezed financially, 80% also said they intend to maintain or increase their spends on areas related to health and fitness within in the next year.

Companies must address such consumer needs across markets.

“While the mindshare for health and wellness as a category in India is growing at a rapid pace, the market size is relatively lower. We believe there is a huge opportunity for consumer goods companies in India to really listen to evolving consumer needs and accordingly reimagine their product strategy and portfolio, explore adjacencies in their business models and focus on building more trust and credibility with consumers,” said Anurag Gupta, managing director and lead – strategy and consulting, Accenture in India.

Meanwhile, over four in 10 respondents (42%) said they are increasing the amount of physical activity, one-third (33%) of respondents said they’re more focused on self-care–such as indulging in a bath or beauty treatment–than they were a year ago.

Manish Gupta, managing director and lead, products, Accenture in India, said trends are visible where cross-industry partnerships across consumer electronics, wearable devices, healthcare, insurance, consumer goods, auto among others are taking place.

“To succeed in the post-pandemic economy, consumer-facing companies need to further assess their existing offerings, push the boundaries in terms of ecosystem partnerships and make bold moves to grow their business,” said Gupta.

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