Better workplace safety measures and environmental amenities were cited by more than 80% of Indian respondents as the most desirable aspects motivating people to attend office regularly. This is in line with the desire of corporates to occupy ESG-friendly premises.
Over 60% of Indian respondents said salary is the most important job selection factor.
Real estate consulting firm CBRE in its report ‘Voices of India: How will people live, work and shop in the future?‘, while hybrid working (hybrid working excludes both ‘fully office’ and ‘fully remote’ categories) has been more widely adopted across India, with 69% of respondents working less than an office. preferred to work for at least three days.
The report is based on a survey that polled over 20,000 people globally.
The preference for in-store shopping among Indian consumers across generations is matched by their willingness to try an item before buying.
This is in line with APAC and global sentiments. The biggest reason people come to brick-and-mortar stores in most categories is to check out products; With the exception of essential items where immediate availability of products is preferred.
Consumers believe they are also able to find better product assortment in brick-and-mortar stores, especially when customization/personalization takes precedence. The experiential element also becomes a differentiating factor during in-store shopping.
Work
There appears to be little variation in trends between genders as female employees place more emphasis on flexibility when evaluating potential job opportunities, as they may have higher family commitments and a better work-life balance by preferring to work remotely can try for.
The preference for working in an office under the hybrid working model is expected to increase from the current 67% to 78% in the future. India – In line with global and APAC trends.
Over 60% of both sets of future employees (office and hybrid) across generations indicated that compensation remained a major factor in job selection. As we are increasingly moving towards a “phygital” world with limited physical interactions, trust in the company’s management has emerged as another important factor for both sets of future employees (office and hybrid).
Furthermore, 50% of both groups of workers place importance on workplace services and amenities. Hybrid workers also place more emphasis on when and where they can work when considering a new job.
According to the survey, the top three reasons for employees to attend offices are greater effectiveness at work, preference for in-person interactions and greater engagement while working in the office.
Around 39% of the respondents prefer hybrid/remote working pattern in India as their physical presence was not necessary for their roles. This was also due to his personal responsibilities and his reluctance to commute.
Around 39% of respondents cited health concerns as a reason for not attending office, mainly due to delays in RTOs – resulting in employers launching health and wellness programs.
Anshuman Patrika, President and CEO, India, South-East Asia, Middle East and Africa, CBRE said, “The survey indicates that majority of the respondents prefer the quality of workplace and prefer the location to focus regularly in the office especially after the pandemic, health and wellness has become the most important factor for them to frequent the office. In addition, technology, space design, space, and services and facilities for employees at work desirable factor.
Live
The survey revealed that Indians exhibit greater flexibility towards relocating or relocating than their global counterparts.
The survey found that respondents demonstrated a strong intention to move to a new house in the next two years (44% versus 31% in the previous two years). This is significantly higher than both global and APAC respondents.
It is also interesting to note that as most cities in India lighten up, the definition of a true city center continues to evolve. Most major cities, especially Delhi-NCR, Mumbai, Bangalore, Pune are witnessing the emergence of suburbs which are redefining the ‘city centre’ in many ways.
Gen-Z led by a preference to move to a new home in the next two years, compared to only 29% of baby boomers. This indicates that the younger generation will mainly drive the upcoming housing demand. Except for Gen X, all other generations displayed a higher preference for locations near city centres.
The survey also highlights that among those who are planning to relocate, more than 70% want to buy a home rather than rent. While India has always been an economy where renting is preferred over buying a home, the uncertainty surrounding the pandemic has further intensified the need for homeownership and security.
The pandemic has heightened the importance of health and safety, increasing demand for professional property management services, especially in apartment buildings. The need for dedicated office space in the home is also increasing as hybrid working becomes more widespread.
Shop
Most consumers in India prefer to buy items through both e-commerce and offline retail stores. The survey revealed that when cities began to reopen after the pandemic, many shoppers went back to physical retail and have since adopted ‘hybrid commerce’ – offline + online.
According to the survey, 60-65% of city center residents prefer to shop online for essential items (grocery and toiletries) as well as gifts, cosmetics, clothing and footwear. However, more than 55% of residents of smaller cities preferred online shopping for gifts, clothing and footwear, and electronics; Only 31% preferred online shopping for essential items (grocery and toiletries).
Millennials have shown a flair for online shopping for clothing and footwear, electronics, cosmetics, gifts and essentials. In fact, more than 70% of Millennials as of late prefer to buy their clothes and shoes, and cosmetics online.
In line with APAC and global trends, more than 65% of consumers across all generations show a strong preference for shopping in brick-and-mortar stores for big-ticket purchases such as luxury products and jewelry, regardless of their location (city center of) / suburb / small town, etc.).
Consumers may want to view such products in-store and may require the assistance of sales staff to make purchases. Brick-and-mortar stores continue to be a major retail channel for DIY and essentials (grocery and toiletries) in APAC and globally.
Despite all the above factors, online shopping continues to be a popular mode of shopping among Indian shoppers, especially Millennials, as per the survey.
‘Wider choice of products’ was also cited as the top reason for shopping online by survey respondents. The presence of large inventory has led to more competition among online brands, with them introducing promotional offers and discounts to differentiate themselves and encourage sales.
The sheer breadth of offers provided by e-commerce channels was cited as the primary reason for shopping online across categories such as electronics, luxury/jewellery and essentials.
Over 70% of Indian shoppers agreed that they have shopped more online since the COVID-19 pandemic and will continue to do so. On the other hand, consumption through offline channels will be directly driven by the product and in-store experience.
Sustainable consumerism is on the rise
According to the survey, more than 70% of the survey respondents have said that they have chosen to buy eco-friendly products despite the additional cost associated with it and the sentiment is strong among the older generation- early millennials, Gen X and baby boomers.
This demographic comprises mostly high-income earners living in city centers and owning a home with a certain sense of security and are in a position to make sustainable choices when purchasing any product.
Around 65-70% of respondents, especially late millennials, said they bought more products locally and from smaller/independent brands.
The shopkeepers have indicated their effort to reduce consumption to be not only sustainable but also frugal. The higher price points of some products and the desire for diverse options have led many younger respondents to rent rather than buy.
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