Covid 19 pandemic affected drastically the whole world with people changing several of the decisions like buying houses, vehicles and even travelling In India people had to shift their buying priority. In a new report, the YouGov India showed the change in buying tendency of two wheeler among the people during the pandemic.
The YouGov in a data said that a vast majority (about 84 per cent) among those who intended to buy a two-wheeler have not bought it. The respondents pointed out that the second Covid 19 pandemic affected their purchase plan. About 52 per cent of the respondents postponed the plan.
The YouGov data showed that over a third respondents (about 35 per cent) reduced their budget. However, the data showed that 14 per cent had increased the budget. The increase in budgets is mostly reported by the millennials and those who reside in the tier one cities, who might have saved up during the second lockdown and decided to spend more on their two-wheeler purchase.
The YouGov data also showed that close to one to five respondents intend to buy a car (new/second hand). Meanwhile, 15 per cent preferred second hand two-wheeler and a similar proportion completely dropped their plan to buy a two-wheeler. About 23 per cent of the respondents among urban Indians prior to the second Covid wave (before March 2021) planned to purchase a two-wheeler. Though a majority (56 per cent) went ahead with their plan, a larger 45 per cent are yet to act on it.
The second Covid 19 pandemic wave also brought about changes in the purchase timelines. Before the second wave, 56 per cent of urban Indians planned to buy a two-wheeler before June 2021 and 44 per cent planned to buy it in the latter half of the year (Jul-Dec 2021). With the emergence of the second wave, more than half (53 per cent) plan to purchase a two-wheeler in the upcoming festive season (July-December 2021). The rest of the respondents (47 per cent) are likely to hold onto their plans a bit longer and will consider making a purchase sometime next year, the report said.
CHANGE IN THE TWO-WHEELER TYPE
While the budgets have increased (14%) or decreased (35%), from a vehicle type perspective the demand sees a surge (19% to 32%) for 100/110 cc motorcycle fall in intent to purchase 125cc motorcycle has been observed while intention for other vehicle types remain stable.