The world has been reeling under the coronavirus (Covid-19) pandemic and its impact on the global economy. In India, though the outbreak happened comparatively later than China and Europe, the number of infected people has risen significantly in the past few days leading to lockdowns across most parts of the country.
Before the imposition of strict lockdowns by the respective state governments, many people got into a phase of panic buying of essential commodities such as groceries, soaps, hand sanitizers, disinfectants etc.
According to a recent survey by magicpin, an offline discovery and rewards platform, while Fashion and F&B sectors across India’s six key affected cities saw a fall of up to 80 per cent in the number of transactions during the past weekend (March 21-22), small grocery outlets in Bengaluru, Gurugram and New Delhi witnessed a rise in the numbers.
“We continue to witness the classic behaviour of people rushing to buy and even hoarding the absolute essentials and deferring discretionary spending,” said Anshoo Sharma, Co-Founder & CEO of magicpin.
According to the company’s survey, there is a sharp fall across the markets for F&B and Fashion of 60-80 per cent. Mainly because of the Janta Curfew Sunday and lockdown.
However, the survey said that the Grocery segment continues to witness the slowest impact. Grocery across small retail has witnessed positive growth in markets like Bengaluru, Gurugram and New Delhi, with Delhi witnessing almost 20 per cent rise in the small grocery category. The company said the drop in the numbers across the market was sharper because of the local governments mandating a shutdown.
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