New Delhi, Jul 23 (PTI) Consumers in India are cautious about spending in the wake of the coronavirus pandemic with 78 per cent of respondents claiming to reduce discretionary spending, according to a survey by consultancy firm KPMG.

However, consumers in tier-II and tier-III cities were almost two-times more optimistic on their spending habits than those in tier-I, hence it could be the next focus area to monitor spending habits, as per KPMG in India's report titled 'Time to open my wallet or not? - The new spending patterns emerging from a consumer's perspective'.

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Interestingly, the survey said "overall 51 per cent of respondents feel that the impact of COVID-19 will be short-lived and normalcy is not far".

Commenting on the findings, KPMG India Partner and Head – Consumer Markets and Internet Business Harsha Razdan said, "our study indicates that 22 per cent consumers in tier-II and 30 per cent consumers in tier-III feel that their spending will either increase or remain the same as prior to COVID-19 and this could be the next focus area for retailers to expand their presence."

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"In the next three months, 49 per cent respondents intend to spend up to Rs 5,000, across categories which makes this the most popular basket value and indicates that consumers are cautious about spending," he added.

Elaborating on consumer spending habits, the KPMG India survey said,"78 per cent of the respondents claim to reduce on discretionary spending...tier-II and -III cities are 1.9x more positive than the tier-I cities."

Consumers in tier-III cities were 1.4 times more inclined towards spending on apparel than those in tier-I cities for spending more than Rs 5,000, it said.

Across all categories, males intend to splurge more than females in the spending range of over Rs 5,000 with 60 per cent of males intending to shell out up to Rs 5,000 in skin care and cosmetics, it added.

In terms of consumer age band, the survey said, "the 20-30 age band is more optimistic on discretionary spending, while spending habits reduced considerably among both male (76 per cent) and female (82 per cent) consumers."

The survey also said a comparative study of pre and post COVID-19 scenario clearly showed that preference for online channels have seen 1.6 times growth.

KPMG said the survey has been conducted with 2,376 respondents, of which 66 per cent were male and 34 per cent female. It was conducted across tier-I, tier-II, and tier-III cities, among different types of spenders and age groups, between May 18, 2020 to June 7, 2020. PTI RKL RUJ ANU DRR 07231053 NNNNt the club is asking you.”

Barcelona said the fan tokens are part of the club's world-wide expansion strategy as it looks for new digital channels and formats to generate greater engagement with its international fan base. They have been incorporated as the club tries to develop “new streams for the generation of resources” and to become a “benchmark both on and off the field.”

The first survey in which Barcelona token owners can vote on is related to the artwork of a mural that will decorate the dressing room at the Camp Nou.

Juventus was the first club to launch its fan tokens about six months ago, with its supporters choosing the celebration song that is now played when the team scores a goal.

The first PSG poll in February allowed fans to choose an inspirational message to go on the captain's armband, and Galatasaray's supporters picked the song played when the team enters the field. Roma fans voted on the name of a field at the club's training center, and Atlético Madrid's supporters chose player Álvaro Morata to give exclusive insight into the club's daily life.

The tokens became a more significant engagement tool during the coronavirus pandemic. PSG players Edison Cavani and Thiago Silva sent personal messages to fans, and Galatasaray token owners gained life-sized cardboard photos of themselves in the team's stadium.

“The pandemic forced the clubs to look at the other 99% of fans that can generate revenue,” Dreyfus said.

“It forced them to reconsider and to try to monetize their global fan base.”

Other blockchain-based actions making their way into soccer include officially licensed digital cards of players, which can be used in virtual fantasy games. Platform Sorare has deals with several clubs and leagues, including the Serie A. It said it has more than 1,800 officially licensed soccer players on the platform, with 3,000 active users who generated about $200,000 in sales in May.

Portuguese club Benfica last year was a pioneer in allowing the use of cryptocurrencies for the purchase of tickets and merchandising. Some clubs also resorted to blockchain to track the authenticity of some of their official products. There were announcements of clubs possibly using cryptocurrencies for salaries and other payments, though nothing has materialized so far. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)