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Higher income group tops in panic buying

Higher income group tops in panic buying
May 17
11:10 2020

NEW DELHI: India’s higher income group purchased groceries and supplies more than their normal needs during the lockdown imposed to fight the coronavirus pandemic, according to the latest IANS-CVoter Economy Battery survey.

As per the survey, 27 percent of the higher income group bought certain groceries and supplies more amid the lockdown than they normally used to purchase. Among this group, 58.5 percent purchased normal supplies, while 3.4 percent bought less than what they used to buy.

The survey showed how people resorted to panic buying despite the government’s assurance that there won’t be any shortage in the supply of essential goods.

The middle-income group followed the higher income group in panic buying with 24.4 percent purchasing these items more than their consumption levels. A total of 47.2 percent of the people bought normal items, while 27 percent purchased less.

As per the survey, the purchasing capacity of the lower-income group, however, decreased drastically as 42 percent bought fewer groceries than their normal routine. An estimated 37.5 percent of people in this group bought these items in a normal way, while 16.8 percent bought more than they did otherwise.

Surprisingly, 26.5 percent of people in the higher education group purchased goods more than their normal requirement, followed by 20.3 percent in the lower education group and 19.4 percent in the middle education group.

At least 23.7 percent of people residing in semi-urban areas bought more, while the figure was 20 percent in the urban areas and 17.8 percent in the rural areas.

Eastern, southern and western parts of India bought more than normal groceries and supplies at 23.8 percent, 22.6 percent, and 22.5 percent, respectively, while 14.9 percent showed a similar trend in the northern part of the country.

Going by ethnic groups, 50.9 percent Christians purchased goods more than they normally did, followed by 34 percent Scheduled Tribes (ST), 22.5 percent upper-caste Hindus, 21.4 percent Muslims, 19.2 percent Scheduled Caste (SC), 14 percent Other Backward Classes (OBC), 9.2 percent Sikhs and 48.3 percent others.

Age group-wise, 26 percent aged below 25 years purchased more, followed by 22.2 percent aged between 25 and 45 years and 19 percent aged between 45 and 60 years.

As per the survey, only 11.4 percent of people aged 60 years and above bought more groceries.

Gender wise, 23 percent of females purchased more as compared to 18.9 percent males.

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