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Author Name SHIVAM

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 SUMMER INTERNSHIP  
OF  

“A STUDY ON THE IMPACT OF INFLATION ON CONSUMER BEHAVIOUR”  

FOR  
THE PARTIAL FULFILLMENT OF THE AWARD OF THE DEGREE OF  
“BACHELOR OF BUSINESS ADMINISTRATION”  
FROM GGSIP UNIVERSITY, NEW DELHI  

BATCH 2020-23  

SUBMITTED BY: -   SUBMITTED TO: -  

14
SHIVAM KAUSHAL   PROF. DHARINI RAJE SISODIA  

ARMY INSTITUTE OF MANAGEMENT & TECHNOLOGY  

GREATER NOIDA, U.P. -201310  

CERTIFICATE OF TRINING – INDUSTRY MENTOR  

i
ii  
 DECLARATION CERTIFICATE BY THE CANDIDATE  

I hereby certify that the work being presented in this project, "A study on The Impact of Inflation on  

Consumer Behaviour," is an authentic record of the work I did under the supervision and guidance of Prof.  

Dharini Raje Sisodia, the project's guide at the Army Institute of Management and Technology in  

Greater Noida. This project was done as a major project report in partial completion of the BBA degree from  

the Army Institute of Management and Technology at Guru Gobind Singh Indiraprastha University,  

56
Delhi. I have not applied for any other degree or diploma based on the subject matter contained in this  

assignment.  

Student Name: - Mr. Shivam Kaushal  

Enrollment No.: - 02518401720  

iii  
 ACKNOWLEDGEMENT
26
 

I wish to show my sincere gratitude to all those who made this study possible. First and foremost, I want to express  

my gratitude to the Army Institute of Management and Technology Greater Noida's supportive personnel and  

instructors. I want to express my heartfelt gratitude to Mr. Roopesh Pawar, my industry mentor, for his tireless  
57
assistance. Every excellent study has to have a critical review and feedback process, which was carried out by my  

faculty advisor, Prof. Dharini Raje Sisodia.  

I am extremely grateful to my professors and industry mentor for investing their time to discuss and critique this  

study and for elucidating the definitions of various terms and how to approach problem- and theoretical-solving  

talks. I sincerely appreciate the support and encouragement I received from my Institute, friends, and family.  

Mr. Shivam Kaushal  

AIMT Gr. Noida  

iv  
 EXECUTIVE SUMMARY  

The study focuses on how consumer Behaviour is affected by inflation. The influence of inflation on consumer  

spending and shopping habits 80% of customers anticipate changing their buying habits. Before making any  

decisions or changes, businesses should concentrate on the research-based reasons mentioned above. Using a  
24
semi-structured questionnaire, data is gathered from respondents. 48 replies in all were provided. The Statistical  

Package for Social Science (IBM SPSS version 25) and Microsoft Excel were used to analyses the data. The mean  
58 38
was calculated using Microsoft Excel, which was also used to create numerous graphs and tables. Cross tables  

were created using SPSS. In this study, primary and secondary data were also utilized.  

36
The primary goal of the study is to determine how inflation affects consumer Behaviour. Other objectives include  

determining whether respondents know about the inflation or not, or whether a customer will purchase goods If  

the price of the product increases or not, does inflation affects purchasing habit of customer.  

In conclusion, the retail industry in India has very bright future potential. It is expected to strengthen the Indian  

economy by creating money and employment.  

The research's limitation is that there were only 44 replies, and the majority of respondents were from Lucknow,  

Delhi, and the Delhi NCR. As a result, the findings cannot be extrapolated to all of India.  

v
 TABLE OF CONTENTS  

Certificate of Training – Industry Mentor …………………………………………………. (ii)  

Supervisor Certificate – Faculty mentor ……………………………………….………….. (iii)  

Certificate of Originality ………………………………………………………………..….(iii)  

Acknowledgement …………………………………………………………………………. (iv)  

Executive Summary………………………………………………….………………………(v)  

Chapter 1 – Introduction……………………………………………………….1-6  

Chapter 2 – SWOT Analysis……..……………………..…………………….. 7-9  

Chapter 3 – Literature Review …………………………………………..…….10-16  

Chapter 4 – Objectives ………………………………………………………...17  

Chapter 5 – Research methodology …………………..……...……………….. 18  

Chapter 6 - Data analysis …………………………………………….……….. 19-32  

Chapter 7 - Findings and Discussions ……..………...……………………….. 33  

Chapter 8 – Opportunities and Challenges……………………………………..34  

Chapter 9 - Conclusions ………………………………………………..…….. 35  

Chapter 10 – Annexure………………………………………………………….36-38  

Chapter 10 – Bibliography………………………………………………………39  

Chapter 11 – Plagiarism Report………………………………………………….40  

 LIST OF FIGURES  

TABLE 6.1: GENDER OF THE RESPONDENTS …..…………………………………………….... 19  

TABLE 6.2: AGE OF THE RESPONDENTS ………………………………………………….……. 20  

TABLE 6.3: RESPONDENT’S EDUCATIONAL LEVEL ……………………………………..…… 21  

TABLE 6.4: RESPONDENT’S RESIDENTIAL CITY …………………………………...…………. 22  

TABLE 6.5: RESPONDENT’S EMPLOYMENT STATUS ……….…………………………………. 23  

TABLE 6.6: HAVE YOU HEARD ABOUT INFLATION? .…………………………………….……24  

TABLE 6.7: DOES INFLATION AFFECT YOU? .…………………………………………..………...25  

TABLE 6.8: DOES INFLATION EFFECT YOUR DAILY PURCHASING POWER? ....................... 27  

TABLE 6.9: DOES YOUR INCOME INCREASES WITH THE INCREASE IN INFLATION?. …....28  

TABLE 6.10: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.. ……………...30  

TABLE 6.11: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION…………….....31  

 LIST OF CHARTS  

CHART 6.1: HAVE YOU HEARD ABOUT INFLATION? .…………………………………….……24  

CHART 6.2: DOES INFLATION AFFECT YOU? .…………………………………………..………...26  

CHART 6.3: DOES INFLATION EFFECT YOUR DAILY PURCHASING POWER? ....................... 27  

CHART 6.4: DOES YOUR INCOME INCREASES WITH THE INCREASE IN INFLATION?. …....29  

CHART 6.5: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.. ……………...30  

CHART 6.6: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION…………….....32  

 LIST OF TABLES  

TABLE 6.1: GENDER OF THE RESPONDENTS …..……………………………………………….. 19  

TABLE 6.2: AGE OF THE RESPONDENTS …………………………………………………………. 20  

TABLE 6.3: RESPONDENT’S EDUCATIONAL LEVEL ……………………………………….…… 21  

TABLE 6.4: RESPONDENT’S RESIDENTIAL CITY …………………………………...……………. 22  

TABLE 6.5: RESPONDENT’S EMPLOYMENT STATUS ……….………………………………..…. 23  

TABLE 6.6: HAVE YOU HEARD ABOUT INFLATION? .……………………………………..……25  

TABLE 6.7: DOES INFLATION AFFECT YOU? .…………………………………………..………...26  

TABLE 6.8: DOES INFLATION EFFECT YOUR DAILY PURCHASING POWER? ....................... 28  

TABLE 6.9: DOES YOUR INCOME INCREASES WITH THE INCREASE IN INFLATION?. .…..29  

TABLE 6.10: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.. ……………...31  

TABLE 6.11: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION... …..………...32  

 CHAPTER - 1  
INTRODUCTON  

1
 INTRODUCTION  

3
I'm a bachelor's in business administration student. I was required to perform a summer internship with any firm  
for at least 60 days.  
Everything began when I applied for a summer internship at Reliance Retail Ltd. and was given the opportunity  
to join the company. The dates of my internship were 15 July through 15 September 2022.  
I began working with Reliance Retail Ltd. as a billing clerk intern, where, with the guidance of our mentor, we  
selected the subject of "Impact of Inflation on Consumer Behaviour" as our study area.  

1.1 Objective  

Our main goal is study and understands the Impact of Inflation on Consumer Behaviour  

1.2 Scope  
Here is the opportunity to learn about how inflation effect the decision making of the consumer.  
Face to face interaction with consumers.  

1.3 Methodology  

Primary data is collected through student personal interview.  

Secondary data collected through questioner form.  

12
1.4 Limitations  

To enrich and complete this report my level best attempt was dedicated although there are some limitations.  
Unfortunately, it was not possible to acquire sufficient information due to the company's limitations and  
confidentiality. Response were given late by the interviewee.  

2
 CHAPTER-1  
INTRODUCTION  

1.1Introduction of Industry (RETAIL): -  

13
Several new businesses have entered the Indian retail market, making it one of the most dynamic and quick-  
15
paced sectors. It generates over 10% of the nation's gross domestic product (GDP) and over 8% of all jobs.  
The fifth-largest international retail market is located in India. India placed 73rd in the 2019 Business-to-  
3
Consumer (B2C) E-commerce Index published by the United Nations Conference on Trade and  
Development. India is the world's fifth-largest retail market and is ranked 63 in the World Bank's Doing  
Business 2020 report.  
17
The country's sizeable middle class and mostly untapped retail market are the key attractions for global retail  
61
powerhouses looking to expand into emerging regions, which will accelerate the growth of the Indian retail  
industry. Branded items in areas including garments, cosmetics, footwear, watches, drinks, cuisine, and even  
jewellery are increasingly turning into business and leisure that are well-liked by the urban Indian consumer  
6
as their spending power rises. According to a recent study by the Boston Consulting Group, India's retail  
industry is predicted to be worth an astounding US$ 2 trillion by 2032. (BCG).  
3
The fifth-largest international retail market is located in India. India came in 16th place in the FDI Confidence  
Index (after US, Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland, and  
Italy).  
1.2Retail Market Size in India 2011-2026: -  
20
By 2026, the size of the Indian retail market was projected to increase from 883 billion dollars to 1.7 trillion  
dollars. Although there was a general growth up to 2019, the coronavirus pandemic in 2020 resulted in a  
decline. Nevertheless, a market recovery is anticipated for 2021.  

The Indian retail landscape: -  

India was one of the few nations with increasing retail sales in 2020 despite the epidemic. The nation  
witnessed a process of transition in retail forms, which is still pacing up, and is known for its disorganized  
16
retail, particularly through kirana outlets. The subcontinent's retail environment changed as a result of the  
introduction of bigger retail locations like malls and supermarkets as well as the expansion of internet  
shopping. Despite this, kirana shops remained the dominant force in Indian retail, embracing technology and  
working with bigger competitors as well.  

3
 GROWTH FACTORS FOR THE INDIAN RETAIL INDUSTRY:  

Increase in Income Level: -  

The basic rule is that people have greater purchasing power as their income level rises. An increasing number of  
households are joining the consumption class as a result of increased income levels. The demand for retail items  
rises as a result.  

Increasing Awareness: -  
There has been a rise in customer awareness among Indians as a result of higher literacy rates in the nation,  
exposure to western culture, foreign periodicals, newspapers, and other reasons. Customers today are increasingly  
25
picky about the quality and brand of the goods they buy.  

Brand Consciousness: -  
Millennials make up the majority of India's population, accounting for around 35% of the total. Customers in this  
group are more brand savvy and prepared to spend more to meet their wants.  

Availability of Consumer Credit: -  

Customers have the option to pay for a product's price over a number of instalments at a low rate of interest when  
16
using consumer credit, such as credit cards or loans for consumer durables. This choice may increase demand for  
6
specific goods in the retail industry since it offers the convenience of not having to pay the entire price upfront.  

4
 CHALLENGES FOR THE INDIAN RETAIL INDUSTRY: -  

Lack of Technology Adoption: -  

The accessibility, viability, and use of technology in the retail sector are some of the significant issues. Retailers  
utilize technology for things like payments and product scanning, but the application is far broader. For the retail  
outlets to operate effectively, software, CRM systems, and other technologies may be used to understand the  
preferences of the customers based on their purchasing patterns.  

13
Competition from Unorganized Retail: -  
Small merchants like mom-and-pop and kirana businesses make up unorganized retail. They work in or close to  
residential areas. These establishments have very low real estate and labour costs, as well as no taxes to pay.  
Additionally, they provide free home delivery to draw clients. These shops provide a significant obstacle for  
Indian retail enterprises.  

Operational Cost: -  
India's retailers face significant operating expenses. Since most customers are seeking for inexpensive items,  
expenditures like shop rent, electricity, labour, warehousing, taxes, etc. cannot be passed through to them.  

FUTURE OUTOOK: -  

India's retail business is now going through a significant transformation from an unorganized to a more structured  
29
sector. This transition has been spurred by the ongoing COVID19 epidemic, which has made technology adoption  
3
necessary for the majority of the nation's shops in order to advance their businesses. Retailers anticipate a rise in  
retaliation purchases as most individuals were forced to stay at home and many would lose their employment in  
2020. As a result, retailers' sales have plummeted, and we anticipate a v-shaped rebound for the sector in 2021.  

5
 RELIANCE RETAIL LTD.  

The group's retail endeavor and the hub of our consumer-facing companies is called Reliance Retail. By giving  
millions of customers an unrestricted choice, an excellent value offer, superior quality, and an unrivalled  
experience across all of its retail outlets, it has quickly established deep, enduring ties with them.  
50 15
Reliance Retail has expanded since its founding in 2006 to serve millions of customers as well as tens of thousands  
of farmers and sellers. With more than 156 million registered consumers, Reliance Retail serves over 100,000  
clients every hour. Due to our cutting-edge technology and efficient supply-chain infrastructure, our countrywide  
network of retail locations offers a first-rate shopping atmosphere and an unrivalled consumer experience.  
31
Reliance Retail has a multi-pronged approach and runs neighborhood stores, supermarkets, hypermarkets,  
6
wholesale cash & carry stores, specialty stores, and internet stores, democratizing access to all sorts of goods and  
services for all Indian customers across all market segments.  
15
Being the biggest retailer in the nation is an accomplishment for Reliance Retail. In its efforts to impact social  
3
and economic challenges in India, Reliance Retail has demonstrated its dedication to improving lives. By  
17
collaborating with them for growth, the project has elevated a significant number of farmers and small producers  
to the forefront of the retail revolution.  

The vision of Reliance Retail in the retail industry is based on a thorough understanding of the economic, cultural,  
and consumer diversity in India. The operational model is centered around the client and makes use of shared  
centers of excellence in technology, business operations, and supply chain. More significantly, it has created a  
solid and stable basis thanks to its exceptional employees.  
9
Reliance Retail has established exclusive partnerships with numerous prestigious international brands, including  
Armani Exchange, Burberry, Canali, Pottery Barn, Diesel, Superdry, Hamleys, Ermenegildo Zegna, Marks and  
Spencer, Paul & Shark, Brooks Brothers, Steve Madden, Grand Vision, and many more. Reliance Retail has  
emerged as the partner of choice for international brands.  

Reliance Retail had 12,711 locations throughout 7,000+ cities as of March 31, 2021, with a total retail space of  
approximately 33 million square feet.  

6
 CHAPTER - 2  
SWOT ANALYSIS  

7
 STRENGTH OF RELIANCE RETAIL  

STRENGTHS OF RELIANCE IN RETAIL  

2
The essential elements of Reliance Retail's business that provide it a competitive edge in the market are examined  
in terms of the company's strengths. The strength of a brand may be attributed to a variety of things, such as its  
financial standing, skilled personnel, distinctiveness of its products, and intangible assets like brand value. The  
following are the strengths identified in Reliance Retail's SWOT analysis:  
34
1. It is an Indian retail chain with over 900 locations across 80 Indian cities.  

2. Hypermarket with 95,000 stores offering laundry, shoe and watch repair, and tailoring  

3. Its private label brands are many.  

4. It has a robust distribution system, with 1600 channels in rural areas.  

5. The parent company's strong support  

WEAKNESS OF RELIANCE RETAIL  

DEFICIENCIES OF RELIANCE RETAIL  

A brand's shortcomings are specific areas of its business that may be improved to strengthen its position. Some  
flaws can be described as qualities that the business lacks or in which the competition excels. The Reliance Retail  
SWOT Analysis has the following weaknesses:  

1. Despite the availability of a wide range of products, there are fewer SKUs due to ineffective back-end  
infrastructure.  
49
2. There are certain locations with poor inventory control.  

8
 OPPORTUNITIES OF RELIANCE RETAIL  

2
Any brand has the potential to develop in certain areas in order to grow its customer base. Opportunities for a  
brand might include global growth, product enhancements, improved communication, etc. The opportunities in  
the Reliance Retail SWOT analysis are as follows:  

1. Sourcing directly from farmers; no intermediaries may make more money since there will be five times as  
13
many farmers in the next five years  

2. Using brand recognition to penetrate the Reliance saloon  

52
3. Significant opportunity for cost reduction in locations with robust supplier chains  

THREATS OF RELIANCE RETAIL  

2
Any firm may face risks in the form of elements that might harm its operations. Threats can come from a variety  
of sources, including increasing rival activity, shifting governmental priorities, alternative goods or services, etc.  
The following are the risks identified in Reliance Retail's SWOT analysis:  

1. Carrefour, Metro AG, and Tesco provide fierce rivalry on a worldwide scale  

2. The cost of operations is too high  

3. Walmart is the main rival in terms of sourcing and backward integration.  

9
 CHAPTER - 3  
LITERATURE REVIEW  

10  
 CHAPTER - 3  
LITERATURE REVIEW  

BY- FARAJI KASIDI, KENANI MWAKANEMELA (2012)  

Similar to many other industrialized and developing nations, Tanzania's macroeconomic policies place a strong  

emphasis on fostering economic growth and containing inflation. On the other hand, there is strong disagreement  

on whether inflation helps or hurts economic growth. This study was inspired by this contentious issue and  

explored the link between inflation and economic growth while proving its existence. To investigate how inflation  

affects economic growth, time-series data from 1990 to 2011 were employed. The association between inflation  

and GDP was demonstrated through the correlation coefficient and co-integration approach. The degree to which  

changes in general price levels affect changes in GDP was assessed using the coefficient of elasticity. The findings  
30
imply that inflation has a detrimental effect on economic expansion. The study also showed that during the study  

period, there was no co-integration between inflation and economic growth. In Tanzania, there is no long-term  

correlation between inflation and economic growth.  

BY- OSUJI OBINNA (March 2020)  

Using the ordinary least squares econometric approach, the study empirically assessed the impact of inflation on  
62
household final consumption spending in Nigeria from 1981 to 2018. The study's empirical results show that there  

is, in Nigeria, a positive, substantial long-run link between inflation and household consumption spending. The  

study concluded that in order for the government to lessen the negative impact of inflation on private consumption,  

low and stable prices must always be maintained.  

11  
BY- LINDIWE CATHERINE KHUMALO (SOUTH AFRICA), EMMANUEL MUTAMBARA (SOUTH  
AFRICA), AKWESI ASSENSOH-KODUA (SOUTH AFRICA) (2017)  

Inflation and interest rates have a major role in the stability of economies across the world. In the last two decades,  

Swaziland's economy has grown more and more.  

Blamed for inflation and interest rates due to the absolute monarchy's incapacity to control the economy. Due to  
28
rising poverty rates, the years 2010 to 2014 in particular were the worst impacted. The study's goal was to  

determine how inflation and interest rates interacted in the Swaziland setting in order to develop fiscal and  

monetary policies that would support a future-oriented, productive economy. Based on an examination of  

secondary data collected over the time period, the study used a confirmatory and quantitative method. The Central  

Bank of Swaziland, the national library, and the Central Statistical Department of Swaziland provided information  

on interest rates, the gross domestic product, and inflation estimates on a quarterly basis between 2010 and 2014.  

The data was analyzed using Microsoft Excel and a descriptive methodology. The results of the study  

demonstrated a favorable association between interest rates and inflation. Despite its distinctive socio-political  

structure, where the absolute monarchy controls administrative authority and responsibility, recommendations  

were made that Swaziland should develop suitable fiscal and monetary policies to handle the current economic  

issues.  

12  
BY-G. MURUGANANTHAM, RAVI SHANKAR BHAKAT AND K. PRIYADHARSHINI (SEPTEMBER 2013)  

From its early status as a survival economy, the Indian economy is now transitioning into a consumption-based  

economy. Persistent rise in the cost of key goods over  

Consumers' purchasing power has decreased over time, and their consumption habits have changed. The Planning  

Commission research predicts that the Indian economy would expand at a pace of 9–9.5 percent from 2012 to  

2017; nonetheless, consumers in India are feeling the heat of inflation and are concerned about their spending.  
41
Consumers are paying more for necessities due to inflation, and their savings are steadily evaporating. Consumer  

spending, corporate investment, and the overall state of the economy are all impacted by inflation. One of the  
40
main difficulties facing the Indian government and the central bank has been maintaining low and steady inflation.  

In the current macroeconomic environment, the consumer faces uncertainty while making purchases, which has  

an impact on the entire business cycle. This essay focuses on the impact of inflation on consumer spending and  

purchasing intention in India. Marketers, retailers, and policymakers will find the research's results and discussion  

helpful.  

BY-G. HUILIANG ZHAO, XUEMEI YAO, ZHENGHONG LIU AND QIN YANG (DECEMBER 2021)  

Consumer purchasing Behaviour is significantly influenced by the link between product pricing and packaging,  
whereas customer happiness acts as a mediating factor. On Chinese university students, research was done to  
explore these ideas.  
500 students participated in a convenience sample survey to gather data from online and offline sources. A total  
53
of 367 students, or 73%, replied, while 17 surveys were returned for lack of data. The data analysis was done  
8
using SPSS and AMOS software. In this study, customer purchasing Behaviour was a dependent variable, whereas  
product pricing and product information were independent factors. One dependent variable and two independent  
variables both influence customer satisfaction. In structural equation modelling, confirmatory factor analysis, path  
23
analysis, and discriminant validity demonstrated a statistically significant association between product pricing  
and packaging and the purchasing decision. With the addition of satisfaction as a mediating variable, complete  
mediation in the case of product price and partial mediation in the case of product packaging were observed.  
Given the findings of this study, product managers should use price strategies and product packaging to sway  
consumers' purchasing decisions.  
13  
BY- MAIMUNAH ALI AND PATMAWATI IBRAHIM (JUNE2018)  

Many nations struggle with inflation because it reduces the buying power of money by raising the cost of goods  

and services. The effects of inflation have an influence on profits by affecting both the level of expenses and the  
21
volume of sales. Because manufacturing accounts for about 80% of Malaysia's exports, it has had a significant  

impact on the country's economy for the previous three decades. The gross profits shown in the company's  

comprehensive income statement can be used to gauge success. To maintain their performance, manufacturing  
8
businesses need to be mindful of the effects of inflation. As a result, the goal of this study is to determine if  

inflation in Malaysia significantly affects the performance of manufacturing enterprises. In this study, a cross-  

sectional design will be employed. Based on the population, 50 manufacturing enterprises will be selected. In  

order to determine how changes in gross profits are impacted by the rate of inflation, correlation analysis and  

cluster random sampling will be employed in this study. The results of the study demonstrate a favorable  
63
correlation between gross profit and inflation rate. This suggests that rather than cutting profits, inflation actually  

helped manufacturing businesses' earnings.  

BY- EFFAH NYAMEKYE, GABRIEL AND ADUSEI POKU, EUGENE (31 March 2017)  
Sunyani Technical University  
Using yearly data, the research explores the impact of inflation on consumer buying Behaviour in Ghana from  

1964 to 2013. The Ordinary Least Square (OLS), Johansen (JH), and Vector Error Correction (VECM) tests  

were used to analyze the data. The research' findings, which were supported by the JH tests, revealed a  

consistent, strong, long-term link between inflation and consumer purchasing patterns. The study's findings  

demonstrate a strong short-term link between consumer expenditure and inflation using the VECM. The OLS  

test's findings indicate a favorable link between inflation and consumer purchasing patterns. The study's  
5
conclusions should be taken into account by policymakers when managing the economy. Future research on  

causation and structural break should be done.  

14  
(BY- YUICHIRO ITO AND SOHEI KAIHATSU) (2016)  

This study uses a distinctive microdata set from Japan to track inflation and salary expectations and look at how  
they affect consumer purchasing. According to our data, after the implementation of Quantitative and Qualitative  
Monetary Easing, salary expectations grew somewhat across a wider spectrum of employees (QQE). Real wage  
21
expectations have also lately increased, although declining shortly after the start of QQE due to bigger rises in  
inflation expectations than wage expectations. Since the beneficial impact of falling real interest rates was greater  
than the adverse impact of falling real wage expectations, increases in inflation expectations had a favorable  
overall impact on consumer spending. Salary perception and the forecast for business success were two factors  
that often-affected wage expectations. This shows that raising expectations for company success and the actuality  
of compensation increases are necessary to raise wage expectations  

HOW DOES INFLATION CHANGE CONSUMER BEHAVIOR?  

Q: 51
How does the perception of inflation affect people’s buying behavior?54 
For instance, when people start eating at restaurants less frequently, they spend more money on food items  
60
that they will use at home. This means that rather than actual price increases in the market, our perceptions of  
inflation are based on the changes that catch our attention. The remainder of us actually base our subjective  
evaluation on the goods whose prices we are familiar with and which we usually purchase.  
Although it varies significantly between categories, overall inflation is about 8.5%. You change what you buy  
based on what's on sale since various items may be on sale at different periods. Ironically, because you're shopping  
at Costco or Walmart, inflation may actually boost the amount you buy in the near term. Additionally, people  
start switching locations where they purchase in the hope that it would be less expensive at Walmart, Aldi, Costco,  
or Dollar shops. This week, I won't be spending $20 on fish at a restaurant, so I can go to the grocery and get one  
55
of the nicer fish instead of the cheapest. It leaves an effect when there are several news stories about petrol costs  
rising 50% or airfares rising 30%.  
We see a range of behavioral modifications in response to inflation. Economists examine a basket of goods and  
the prices from a year ago to get a clear picture.  

15  
Q: How should companies respond to consumers’ perception of inflation?  
If you visit Target or CVS, the store brand will be featured, and sales of store brands do, in fact, tend to  
increase during periods of inflation.  Again, because to its granularity, businesses must examine a particular  
industry in which they compete, and based on what they discover, they react to inflation in a variety of ways.  
They will introduce what they refer to as a lower tier or value brand if the premium items are less frequently  
purchased. People detest paying for petrol, so when it costs more, they visit Costco more frequently and wind up  
purchasing a lot of other items. The six-ounce bag of potato chips now weighs five ounces, which is effectively a  
16% price rise. Consumers don't notice the change as much since it's at the same price and quantity increases are  
difficult to discern.  

Q: The economy has strengths and weakness right now—high employment, high  
inflation—but many people see it as worse that it really is. How can the U.S.  
economy improve its brand?  

Democratic leaders might want to keep pointing out that the unemployment rate is 3.5%, but if you just present  
facts, it doesn’t change people’s feelings. Understanding that people’s feelings matter more than facts is very  
48
frustrating for political leaders, but it has important implications for how they communicate. It’s very important  
32
to first recognize the feelings, and then to present information in a way that resonates with those feelings. The  
classic illustration of this is how, following an aviation crash (unlike a vehicle catastrophe), many individuals  
believe that flying carries a greater danger than driving.  
Similar to how it would negatively affect me if I knew folks who were suffering with the expense of living or if  
all I saw on my social media feed was price rises. Nobody is considering all the information and base rates; they  
are just saying, "I don't think flying is safe."  

https://insights.som.yale.edu/insights/how-does-inflation-change-consumer-behavior  

16  
 CHAPTER - 4  
OBJECTIVE  

4.1 PRIMARY OBJECTIVE  

23
To study the Impact of inflation on Consumer Behaviour.  

4.2 SECONDARY OBJECTIVE  

33
To find out which income group effected the most due to inflation.  
To find out how consumer/customers tackle inflation.  

17  
 CHAPTER - 5  
RESEARCH METHODOLOGY  

5.1 OVERVIEW  
22
In this section on the methodology framework of the study, it outlines various steps, which were used in  
undertaking of the study. Therefore, the brief discussion comprises the research design, study population,  
19
sampling procedures, data collection methods, data analysis techniques etc.  

5.2 TYPE OF DATA USED  

Both primary & secondary data is used in this study.  

5.2.1 PRIMARY DATA  

It is collected through google forms. Primary data was used as it enabled the researcher to collect the recent  
information that matches with the objectives of the study.  

5.2.2 SECONDARY DATA  

It is collected through various books, articles, research papers etc.  

5.3 DATA COLLECTION INSTRUMENT  

Data is collected through google forms. Total 48 responses were received.  

5.4 SAMPLING TECHNIQUE  

Convenience Sampling  

47
5.5 DATA ANALYSIS TOOLS59 
For data analysis Microsoft Excel and Statistical Package for Social Science (IBM SPSS Statistic version 25)  
43
were used. Microsoft Excel was used to calculate mean and for making various graphs and tables. SPSS was used  
to make cross tables.  

18  
 CHAPTER - 6  
DATA ANALYSIS  

Figure 6.1: Gender of the respondents.  

Table 6.1: Gender of the respondents.  

GENDER   PERCENTAGE  
MALE   64.6 %  
FEMALE   12.5 %  
PREFER NOT TO SAY   22.9 %  

INTERPRETATION - According to figure 6.1 above, the maximum percentage of respondents (i.e. 64.6  
%) were men, while Female respondents were 12.5 % and the remaining respondents i.e. 22.9 % prefer not to say  
.

19  
FIGURE 6.2: AGE OF THE RESPONDENTS.  

TABLE 6.2: AGE OF THE RESPONDENTS.  

AGE GROUP   PERCENTAGE OF RESPONDENTS  
BELOW 20   2.1 %  
20-25 YEARS   37.5 %  
25-30 YEARS   37.5 %  
30-35 YEARS   22.9 %  
40 AND ABOVE   0% 

5
INTERPRETATION: According to figure 6.2, we can interpret that 37.5 % of respondents are from both  
the group of 20-25 years and 25-30 years, 22.9 % of respondents are from the age group of 30-35 years, 2.1 % of  
respondents are below 20 years of age group and the 0 % of respondents are from 40 and above age group.  Due  
39
to a large number of young youth respondents filling out the questionnaire, this demonstrates the accuracy of the  
data.  

20  
FIGURE 6.3 - RESPONDENT’S EDUCATIONAL LEVEL.  

TABLE 6.3: RESPONDENT’S EDUCATIONAL LEVEL.  

EDUCATIONAL QUALIFICATION   PERCENTAGE OF RESPONDENTS  
HIGHSCHOOL   4.2 %  
BACHELOR   41.7 %  
MASTER   29.2 %  
P.HD   6.3 %  
PREFER NOT TO SAY   18.8 %  

5
INTERPRETATION – In the above figure 6.3, we can interpret that the maximum no. of respondents are  
bachelor’s i.e. 41.7 %, 29.2 % of respondents are from master’s, 18.8 % of respondents prefer not to say,6.3 % of  
respondents are from Ph.D., and the remaining respondents are from high school i.e. 4.2 %. This demonstrates  
that the majority of responders are Bachelor.  

21  
FIGURE 6.4: RESPONDENT’S RESIDENTIAL CITY  

TABLE 6.4: RESPONDENT’S RESIDENTIAL CITY  

RESIDENTIAL STATUS   PERCENTAGE OF RESPONDENTS  
URBAN   22.9 %  
SEMI-URBAN   58.3 %  
RURAL   18.8 %  

4
INTERPRETATION: In the above figure 6.4, the maximum number of respondents are from Semi-urban  
i.e. 58.3 %, 22.9 % of the respondents are from Urban and the remaining number of respondents are from rural  
i.e.18.8 %. So here we can interpret that the maximum number of respondents are from Semi-urban area.  

22  
FIGURE 6.5: RESPONDENT’S EMPLOYMENT STATUS.  

TABLE 6.5: RESPONDENT’S EMPLOYMENT STATUS.  

EMPLOYMENT STATUS   PERCENTAGE OF RESPONDENTS  
EMPLOYED   33.3 %  
UNEMPLOYED   22.9 %  
SELF-EMPLOYED   33.3 %  
STUDENT   10.4 %  

INTERPRETATION: In the Figure 6.5, we can interpret that maximum number of respondents are from  
both employed as well as Self-employed i.e. 33.33 % each, 22.9 % or respondents are Unemployed and the  
remaining number of respondents are students i.e. 10.4 %.  

23  
6. HAVE YOU HEARD ABOUT INFLATION?  
FIGURE 6.6: HAVE YOU HEARD ABOUT INFLATION?  

Chart Title  

1 2 3 4 5

CHART 6.1: HAVE YOU HEARD ABOUT INFLATION?  

Chart Title  

0 2 4 6 8 10   12   14   16   18  

24  
TABLE 6.6: HAVE YOU HEARD ABOUT INFLATION?  
HAVE YOU HEARD ABOUT INFLATION?   PERCENTAGE OF RESPONDENTS  

Familiar   29 %  
Somewhere heard   31 %  
Neutral   35 %  
Didn’t Know   4% 
Never Heard   0% 

INTERPRETATION – In the above figure 6.6, we can interpret that 29 % of respondents are familiar  
with inflation, 31 % of the respondents heard the word “inflation” somewhere, 4 % of the respondents didn’t  
46
know and 0 % of the respondents Never heard. So here we can interpret that our maximum respondents are  
familiar with Inflation.  

7. DOES INFLATION AFFECT YOU?  

FIGURE 6.7: DOES INFLATION AFFECT YOU?  

Chart Title  

1 2 3 4 5

25  
CHART 6.2: DOES INFLATION AFFECT YOU?  

Chart Title  
1
25  

20  

15  

10  

0
1 2 3 4 5

Table 6.7: DOES INFLATION AFFECT YOU?  

DOES INFLATION AFFECT YOU?   % OF RESPONDENTS  
STRONGLY AGREE   6% 
AGREE   46 %  
NEUTRAL   25 %  
DISAGREE   23 %  
STRONGLY DISAGREE   0 %  

18
INTERPRETATION: In the above figure 6.7, we can interpret that 46 % of respondents agree that  
1
inflation does affect them, 25 % of the respondents remains neutral, 23 % of the respondents disagree that inflation  
does affect them, 6 % of the respondents strongly agree that inflation does affect them and 0 % of the respondents  
27
strongly disagree that inflation does affect them. So here we can interpret that most of the respondents get affected  
due to inflation.  

26  
8. DOES INFLATION AFFECT YOUR DAILY PURCHASING POWER?  
FIGURE 6.8: DOES INFLATION AFFECT YOUR DAILY PURCHASING POWER?  

Chart Title  

1 2 3 4 5

CHART 6.3: DOES INFLATION AFFECT YOUR DAILY PURCHASING POWER?  

Chart Title  
1
25  

20  

15  

10  

0
1 2 3 4 5

27  
TABLE 6.8: DOES INFLATION AFFECT YOUR DAILY PURCHASING POWER?  
DAILY AFFECT OF INFLATION   % OF RESPONDENTS  
STRONGLY AGREE   6% 
AGREE   46 %  
NEUTRAL   35 %  
DISAGREE   8% 
STRONGLY DISAGREE   4% 

18
INTERPRETATION – In the above figure 6.8, 46 % of respondents agree that inflation affect their daily  
purchasing power, 35 % of respondents are neutral, 8 % or respondents disagree that inflation affect their daily  
1
purchasing power, 6 % of the respondents strongly agree that inflation affect their daily purchasing power, and  
the remaining 4 % of the respondents strongly disagree that inflation affect their daily purchasing power. So here  
we can conclude that inflation does affect their daily purchasing power.  

9. DOES YOUR INCOME INCREASES WITH THE INCREASE IN  

INFLATION?  
FIGURE 6.9: DOES YOUR INCOME INCREASES WITH THE INCREASE IN  
INFLATION?  

Chart Title  

1 2 3 4 5

28  
CHART 6.4: DOES YOUR INCOME INCREASES WITH THE INCREASE IN  
INFLATION?  

Chart Title  
20  

18  

16  

14  

12  

10  

0
1 2 3 4 5

TABLE 6.9: DOES YOUR INCOME INCREASES WITH THE INCREASE IN  

INFLATION?  
INCOME INCREASES WITH INCREASE IN INFATION?   % OF RESPONDENTS  
STRONGLY AGREE   10 %  
AGREE   15 %  
NEUTRAL   38 %  
DISAGREE   29 %  
STRONGLY DISAGREE   8% 

INTERPRETATION – In the above figure 6.9, 38 % of the respondents remain neutral, 29 % of the  
respondents disagree that the increase in inflation increases their income, 15 % of the respondents agree that  
increase in inflation also increases their income, 10 % of the respondents strongly agree that increase in inflation  
also increases their income, and the remaining 8 % of the respondents strongly disagree that increase in inflation  
also increases their income. So here we can interpret that increase in inflation doesn’t increase their income only  
some respondents get raise in their income.  

29  
10. YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.  
FIGUR 6.10: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.  

Chart Title  

1 2 3 4 5

CHART 6.5: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.  

Chart Title  
60  

50  

40  

30  

20  

10  

0
1 2 3 4 5 6

30  
TABLE 6.10: YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.  
STILL PURCHASE GOOD IF PRICE INCREASES?   % OF RESPONDENTS  
STRONGLY AGREE   23 %  
AGREE   15 %  
NEUTRAL   33 %  
DISAGREE   27 %  
STRONGLY DISAGREE   2% 

INTERPRETATION – In the above figure 6.10, 33 % of the respondents remain neutral, 27 % of the  
respondents disagree to that they will still purchase good if the price increases, 23 % of the respondents strongly  
agree that they will still purchase the goods even if the price of the goods increases, 15 % of the respondents agree  
that they will still purchase the good even if the price of the good increases, and the remaining 2 % of the  
respondents strongly disagree to that they will still purchase the goods even if the price of the goods increases.  
27
So here we can interpret that most of the respondents get effected by increase in the price of goods so they will  
stop purchasing those goods.  

11. YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION.  

FIGUR 6.11: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION.  

Chart Title  

1 2 3 4 5

31  
CHART 6.6: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION.  

Chart Title  
25  

20  

15  

10  

0
1 2 3 4 5

TABLE 6.11: YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFLATION.  

REDUSE UNNECESSARY EXPENSES IN INFLATION   % OF RESPONDENTS  
37
STRONGLY AGREE   10 %  
AGREE   47 %  
NEUTRAL   33 %  
DISAGREE   2% 
STRONGLY DISAGREE   8% 

7
INTERPRETATION – In the above figure 6.11, we can interpret that 47 % of the respondents agree that  
they will reduce unnecessary expenses in inflation, 33 % of the respondents will be neutral, 10 % of the  
respondents strongly agree that they will reduce the unnecessary expenses in inflation, 8 % of the respondents  
strongly disagree that they will reduce unnecessary expenses in inflation, and the remaining 2 % of the  
10
respondents disagree that they will reduce the unnecessary expenses in inflation. So here we can conclude that  
most of the respondents reduce their unnecessary expenses in inflation.  

32  
 CHAPTER - 7  
FINDINGS & DISCUSSION  

7.1. As per the table 6.1, Maximum no. of respondents are Male i.e. 64.6 %.  

7.2. As per the table 6.2, Maximum no. of respondents are from the age group of 20-25 Years as well as 25-30  
years that means most of the respondents are young and mature.  

7.3. As per the table 6.3, Maximum no. of respondents are Bachelor i.e. 41.7 %.  

7.4. As per the table 6.4, Maximum no. of respondents are from Semi-Urban i.e.58.3 %.  

7.5. As per the table 6.5, Maximum no. of respondents Employed as well as self-employed i.e. 33.3 % each.  

7.6. As per the table 6.6, maximum no. of respondents are familiar with inflation.  

7.7. As per the table 6.7, maximum no. of respondents get affected due to inflation.  

7.8. As per the table 6.8, daily purchasing power of the maximum respondents get affected by the inflation.  

7.9. As per table 6.9, increase in inflation doesn’t increase their income only some respondents get raise in their  
income.  

7.10. As per table 6.10, maximum respondents stop purchasing goods if the price increases.  

7.11. As per table 6.11, maximum respondents will reduce their unnecessary expenses in inflation.  

33  
 CHAPTER - 8  
OPPORTUNITIES AND  CHALLENGES  

Opportunities exist for both format-based retailers since they both attract regular customers, but organized  
retailers, in particular those in metropolises and tier-1/2 cities, are doing well because for many consumers, buying  
in organized retail now doubles as entertainment. When it comes to creating business for unorganized merchants,  
the population of the nation is one of the growth factors.  

In the middle of the 2020s, virtual merchants are thriving, and the pandemic specifically helped all of them expand  
their customer base, especially in the 20-21 fiscal year. However, because most places lack reliable internet  
access, metropolitan areas will continue to dominate in terms of the retail sales produced by organized and online  
retail.  

There are undoubtedly challenges in the rural areas, where changes in lifestyle and disposable income have not  
had a significant impact, and where factors such as literacy rates and school dropout rates do not significantly  
affect customers' willingness to add value to organized retail in India. However, with flexibility in FDI policies  
and improvements in the socioeconomic situation of the nation, the retail sector can experience greater growth in  
the coming decade of 2030.  

https://eiilm.co.in/blog/opportunities-challenges-in-retail-industry/  

34  
 CHAPTER - 9  
CONCLUSION  

1. India's retail industry may be divided into two categories: organized and unorganized. Department shops,  
supermarkets, shopping centers, etc. can be further divided into the organized sector, whose size is anticipated to  
treble by 2010.  

2. India's retail industry is worth $300 billion in terms of value. Approximately 4.6% of all commerce is  
contributed by the organized sector.  

3. The retail industry in India provides 8% to employment and 10% to the GDP of the nation.  

4. The FMCG retail sector is the fastest expanding unit in terms of growth, whereas retail related to household  
products, confectionary, etc. has trailed behind.  

5. Investments by the international retail behemoths were once prohibited in India. But as of right present, India  
only allows FDI of 51% through single-brand retail locations. Multi-brand stores are still out of reach for them.  
Once more, they can only enter the market via franchisees. This was how Wal-Mart and Bharati Enterprises first  
collaborated.  

6. Because of the shortcomings we've already outlined, online commerce has yet to make an impression on  
consumers.  

In summary, we can say that India's retail sector has highly promising future prospects. It is anticipated  
to improve the Indian economy in terms of generating cash and jobs.  

https://www.economywatch.com/conclusion-on-retail-industry-in-india  

35  
 CHAPTER - 10  
ANNEXURE  
GOOGLE FORM QUESTIONNAIRE  
IMPACT OF INFLATION ON CONSUMER BEHAVIOUR  
A study on Impact of inflation on Consumer Behaviour.  
Greetings!! I hope you’re doing well.  
35
Thanks for taking out your time to fill this form it will not take more than 5 minutes.  

I'm a BBA student at Army Institute of Management and Technology and we wish to understand consumer  
45
Behaviour towards the online Retail portals. The data will be used for only study purposes and will not be  
disclosed to anyone. Kindly fill in all details carefully, thank you.  

* Required  
1) GENDER*  
A) MALE  
B) FEMALE  
C) PREFER NOT TO SAY  

2) AGE*  

A) BELOW 20  
B) 20-25 YEARS  
C) 25-30 YEARS  
D) 30-35 YEARS  
E) 40 AND ABOVE  

3) EDUCATIONAL QUALIFICATION*  

A) HIGHSCHOOL  
B) BACHLOR  
C) MASTER  
D) P.HD  
E) PREFER NOT TO SAY   36  
4) RESIDENTIAL CITY*  
A) URBAN  
B) SEMI-URBAN  
C) RURAL  

5) EMOYMENT STATUS*  

A) EMPLOYED  
B) UNEMPLOYED  
C) SELF-EMPLOYED  
D) STUDENT  

6) HAVE YOU HEARD ABOUT INFLATION? *  

FAMILIAR WITH IT   NEVER HEARD  

1 2 3 4 5

7) DOES INFLATION AFFECT YOU?  *  

11
STRONGLY AGREE   NEUTRAL   STRONGLY DISAGREE  
1 2 3 4 5

8) DOES INFLATION EFFECT YOUR DAILY PURCHASING POWER?*  

STRONGLY AGREE   NEUTRAL   STRONGLY DISAGREE  

1 2 3 4 5

9) DOES YOUR INCOME INCREASES WITH THE INCREASE IN INFLATION?*  

STRONGLY AGREE   NEUTRAL   STRONGLY DISAGREE  

1 2 3 4 5

37  
10) YOU STILL PURCHASE THE GOODS IF THE PRICE INCREASES.*  

STRONGLY AGREE   NEUTRAL   STRONGLY DISAGREE  

1 2 3 4 5

11) YOU REDUCE YOUR UNNECESSARY EXPENSES IN INFATION.*  

STRONGLY AGREE   NEUTRAL   STRONGLY DISAGREE  

1 2 3 4 5

Any suggestions?  
………………………………………………………………………………………………  
………………………………………………………………………………………………  

https://forms.gle/A4yz3Vz2xQDVZmcy8  

38  
 CHAPTER - 11  
BIBLIOGRAPHY (L R)  

1) FARAJI KASIDI, KENANI MWAKANEMELA (2012) “IMPACT OF INFLATION ON ECONOMIC  

GROWTH: A CASE STUDY OF TANZANIA” ASIAN JOURNAL OF EMPIRICAL RESEARCH,  
3(4)2013: 363-380 363  

2) OSUJI  OBINNA (March 2020) “EFFECT OF INFLATION ON HOUSEHOLD FINAL  

CONSUMPTION EXPENDITURE IN NIGERIA” JOURNAL OF ECONOMICS AND  
DEVELOPMENT STUDIES MARCH 2020, VOL. 8, NO. 1, PP. 104-111  

3) LINDIWE CATHERINE KHUMALO (SOUTH AFRICA), EMMANUEL MUTAMBARA (SOUTH  

AFRICA), AKWESI ASSENSOH-KODUA (SOUTH AFRICA) (2017) “RELATIONSHIP BETWEEN  
INFLATION AND INTEREST RATES IN SWAZILAND REVISITED.” BANKS AND BANK  
SYSTEMS, VOLUME 12, ISSUE 4, 2017  

4) G. MURUGANANTHAM, RAVI SHANKAR BHAKAT AND K. PRIYADHARSHINI (SEPTEMBER  

2013)” EFFECT OF INFLATION ON INDIAN CONSUMER’S PURCHASE INTENTION”. THE  
INSTITUTE OF ECONOMICS, URAL BRANCH OF RUSSIAN ACADEMY OF SCIENCES,  
EKATERINBURG RUSSIA. ISBN: 978-605-64002-3-0  

5) G. HUILIANG ZHAO, XUEMEI YAO, ZHENGHONG LIU AND QIN YANG (DECEMBER 2021)  
“BUYING BEHAVIOR WITH CUSTOMER SATISFACTION IN A MEDIATING ROLE”.  
FRONTIERS IN PSYCHOLOGY 1 DECEMBER 2021  VOLUME 12  ARTICLE 720151  

6) BY- MAIMUNAH ALI AND PATMAWATI IBRAHIM (JUNE2018) “INFLATION AND  

COMPANIES’ PERFORMANCE: A CROSS-SECTIONAL ANALYSIS”. JOURNAL OF  
COMPUTATIONAL AND THEORETICAL NANOSCIENCE  

7) EFFAH NYAMEKYE, GABRIEL AND ADUSEI POKU, EUGENE (31 March 2017) 
“WHAT IS THE EFFECT OF INFLATION ON CONSUMER SPENDING BEHAVIOUR IN GHANA?”  
SUNYANI TECHNICAL UNIVERSITY  

8) BY- YUICHIRO ITO AND SOHEI KAIHATSU (JUNE 2016) “EFFECTS OF INFLATION AND WAGE  
EXPECTATIONS ON CONSUMER SPENDING: EVIDENCE FROM MICRO DATA”. BANK OF  
JAPAN WORKING PAPER SERIES NO.16-E-7  

9) HOW DOES INFLATION CHANGE CONSUMER BEHAVIOR?”  

https://insights.som.yale.edu/insights/how-does-inflation-change-consumer-behavior  

39  
 CHAPTER - 12  
PLAGIARISM REPORT  

40