Icbfot 01 - income based spending patterns- a necessity rather than option among the middle class families in Chennai City during COVID -19 caused economic slowdown

ABSTRACT

Economic problems have accelerated after the government announced Covid- lockdown as early as in march 2020. Unemployment among urban middle class families is on rise;more than 1.8 crore salaried jobs in the country were lost during the ongoing pandemic. Economic disruption has resulted in a sharp decrease in job numbers this year;stolen a minimum of three to six months salaries almost across all industries. Salaried jobs have been preferred due to better job security and regular income. The middle class and lower middle class represent nearly 60% of the total number of households in India and contribute around 70% share in consumer spending. In the present deeply troubled situation, Chennai's middle-income families are devastated and find themselves in a limbo. Nothing works for this group which can otherwise hike demand or push spending. Trim the Foot to fit the Shoe. Out-of-home activities declined and the consumption pattern changed. Any failure of expense -control efforts will weaken the relations in the middle class families and affect the very family system in long run. After all, conviction is always not a matter of convenience. The present study attempts to study conditions of Chennai's middle class households and gauge the efforts to bridge the gap between income and expenditure of the family during covid pandemic.