businessUpdated: Aug 30, 2020 18:07 ISTThe Covid-19 pandemic has brought a major shift in consumption patterns among consumers as necessary purchases are taking precedence over luxury spending, Nestlé India chairman Suresh Narayanan has said. Follow latest updates on Covid-19 here“With the economic pandemic that has followed COVID-19, a re-calibration of the consumer wallets is taking place where ‘essentials’ are taking precedence over luxuries, however affordable they are,” said Narayanan. “If you look at e-commerce channels, in the US what took eight years in terms of penetration, it has been achieved in eight weeks (of lockdown). Clearly the e-commerce journey is here to stay and there will be re-calibration of channels,” Narayanan told PTI. While talking about sales, Narayanan said that Nestle India is witnessing a better growth in the rural and semi-urban areas, where the market has recovered quickly after lockdown-related disruptions.

Source: Hindustan Times August 30, 2020 12:37 UTC