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The Indian consumer market divides itself into urban and rural parts, attracting marketers worldwide to invest in the country. Three main groups may distinguish the characteristics of the Indian consumer market:
- The enormous middle class
- The relatively large affluent class
- The small economically disadvantaged group
There are a lot of corporations that believe India is one of the markets from which future growth is to emerge, affecting the future of consumption in fast-growth consumer markets. The favourable demographic mix of India’s consumer market and increased income will serve as the key drivers of the future of India in the world marketplace.
Characteristics of the Indian consumer market
Consumers are purchasers who acquire products and services for personal use rather than selling. However, not all customers have the same likes, preferences, and purchasing behaviours, owing to the unique characteristics of the Indian consumer market. Market segmentation is the practice of dividing and identifying major client groupings. It includes demographic, psychographic, behavioural, and geographic factors.
When a trademark is used to identify a product or service as belonging to a particular brand or firm, it is referred to as a service mark. One of India’s most defining characteristics is the presence of a strong feeling of awareness in its marketplace. It suggests that a customer has gotten more acquainted with a particular brand of goods and feels that these items are authentic and of higher quality when he acts in this way.
Customers’ behaviour is often characterised by a propensity to bargain, as seen by the behaviour of consumers who purchase goods. Purchasing things at a lesser price than the one given by the provider is something that they are interested in. Customer behaviour in India is similar to that of their American counterparts in that they do not follow a regular pricing plan. The practice of bargaining is still quite popular in India’s markets, where it has been for centuries, which will affect the future of India in the world marketplace.
When it comes to pricing, buyers are more concerned with price than the variety of things on offer. It leads them to choose goods that are too pricey as a consequence. It seems that consumers are starting to purchase higher-quality stuff at a higher price, indicating the beginning of a slight change in the future of India in the world marketplace.
The consumption pattern is shifting because of increased educational attainment, more affluence and improved quality of life, and a need for greater comfort and convenience. Fridges, tape recorders, coolers, sewing machines, and other home equipment are increasingly being purchased by low- and middle-income families alike.
The adoption of new reasons for purchasing has increased at an alarmingly quick pace due to the credit market, which includes guarantees and warranty facilities available on the market. The availability of these facilities makes it feasible for trade and commerce to flourish and thrive in modern times.
As more purchasers become aware of their legal responsibilities, the number of transactions increases. They have begun to publicise their issues via the media and by submitting formal complaints to the appropriate authorities and organisations, among other methods. A consumer court may be used to register a complaint against a corporation and seek compensation for any damages or losses sustained as a result of the complaint.
Future of consumption in fast-growth consumer markets
The future of India in the world marketplace is on the verge of a massive change for both economic and social progress. India now has the sixth-largest economy globally and is one of the fastest-growing major countries. It has a GDP growth rate of 7.5 percent each year. Domestic consumption, which now makes up 60% of GDP, is expected to grow to $5 trillion by 2030.
A population of 1.4 billion people, the youngest in any major economy, will be able to keep up with this spending rise. Indian families have long kept a lot of money in savings, with almost a fifth of their income set aside for a rainy day. This cushion helps domestic consumers spend money when the economy is down.
It says that by 2030, one in two families will be middle-class or wealthy. Also, India plans to pull over 25 million families out of poverty and cut the poverty rate from 15% to 5%, which will make India a lot less poor. India’s growth and benefit-sharing aren’t like the rest of the world. The wealthiest 10% of the population are getting more and more of the country’s income and wealth, contributing to the future of consumption in fast-growth consumer markets.
Since 1991, when the Indian government began to open up, the options available to the average consumer have grown exponentially. During the mid-1990s, there were only three main types of cars in the world of cars. There are now over 30. In India, it currently employs about one-fourth of the 12-13 million people in the organised private sector. Over the last two decades, many young Indians have been able to get a job because of the growth of IT/ITES jobs.
When businesses, government agencies, and civil society groups work together over the next ten years, they will have the chance of a lifetime to promote responsible consumption and make good things happen for Indians.
Conclusion
A lot more people in India are shopping online these days, and the number and popularity of these stores have gone up a lot. Virtual versions of the country’s famously crowded and colourful bazaars and outdoor markets are becoming more common in this country. If there’s any doubt, the marketplace system will be around for a long time. The system’s success will depend on how quickly and easily customers can buy goods. These and other ideas are already in place. There will be more shortly, but they will be even better than now. People will have to wait and see what the next big thing is before they start guessing the outcome of the future of India in the world marketplace.
