subject: The Changing Face of the Indian Retail Consumer [print this page] The Changing Face of the Indian Retail Consumer
The face of the Indian retail shopper has undergone total transformation. They need return an extended manner from those days of yore, before the liberalization of the Indian economy, when saving was the mantra, and anything that diverts removed from it had been frowned upon, and looked at with dismay.
Globalization and therefore the media have brought the globe closer, opening doors to cultures, trends and lifestyle that were thought-about taboo, alien and unknown to them. And with the spiraling Indian economy, the behavioral pattern of the common Indian consumer has seen a ocean change.
Increasing disposable incomes, a good demography, the progressive growth in terms of operating ladies and lifestyle changes with a high penetration of the media (that has brought the world nearer to our lives) are the key drivers behind this spending spree of the nouveau global middle class Indian. As the salary package of skilled professionals rocket to a replacement high, with several perks and compensation coming in, the swelling double income middle category populace living in isolated nuclear families, have made the jump from 'zero spending' and 'frugal living' to at least one of 'zero saving' and 'living life king size'.
As the wallet fattens, customers gradually develop a predilection and penchant for luxury merchandise, and branded goods. With the retail malls and shops for branded merchandise mushrooming up everywhere, and fueled by the new found confidence and angle of 'shop until you drop', they slowly move from 'kirana looking' to 'mall hopping', looking for quality, that was previously a non-issue. The speedy blitz of leading global brands and other domestic giants within the organized retail sector, giving merchandise and services that were earlier unavailable and therefore the increasing awareness of the most recent trends be it fashion, music or entertainment, the Indian client has gone global.
With the paradigm shift in India's income pyramid, the behavior of the Indian retail shopper has dramatically undergone a changeover; it has moved from the recent adage of saving to a replacement age perspective of spending.
Mark Stepen may be a Consultant with a wide selection of expertise in the Indian Retail Business , specialised in Retail Whole Management, Offer Chain Management, Franchising in India, Visual Merchandising, Mall Management and alternative niche areas.
