Fast-moving consumer goods brands in India will need to rethink business models in a post-pandemic world as consumer behaviour has been fundamentally altered, finds a new study from EY India.
The consultancy firm’s Future Consumer Index concludes that, without an overhaul, many FMCG brands will struggle to remain relevant or to deal with future disruptions.
- The study reveals around 80% of consumers say they will be more cautious about their health, both physical and mental, post-pandemic.
- Many say they will support local business and 75% plan to think more about the environmental impact of what they buy.
- As the economic outlook remains uncertain, 77% of consumers say they plan to save more in the long term and 35% say authenticity will be their top shopping priority in the future.
“Companies need to prune their portfolios, innovate faster and alter communication to cater to changing consumer preferences. There is a need to revise product formulations to include more natural and eco-friendly ingredients by using recyclable, reusable or compostable packaging. However, brands must emphasise their local presence to capitalise on the growing ‘vocal for local’ trend” – Pinakiranjan Mishra, sector leader, consumer products and retail, EY India.
Sourced from Economic Times